First Ship Lease Trust (FSL Trust) managed to scrap a net profit in the third-quarter and kept its distribution per unit (DPU) unchanged amid higher revenue, Seatrade Asia online reports. The Singapore-listed shipping trust posted a third-quarter net profit of $152,000, a 76.6% plunge from a profit of $649,000 in the same period of 2010.
Revenue rose 22.1% to $28.6m compared to $23.4m a year ago.
The drop in profit was attributed to “certain vessel-related expenses of $0.9m arising from the re-delivered vessels,” FSL Trust said in its financial statement.
The trust maintained its DPU to unitholders at $0.95, representing an annualised yield of 3.8%, unchanged compared to the corresponding period of last year.
FSL highlighted that it has commenced refinancing an entire outstanding loan balance of $483.08m and secured firm commitments totalling about 90% of the required commitment from six lenders to refinance the existing credit facility.
The trustee-manager is in the process of securing the remaining 10% commitment to close the refinancing.
Looking head, the trustee-manager's “primary goal in the fourth quarter is to complete the refinancing for FSL Trust. It remains focused on growing its long-term lease portfolio with a view to further diversify cash flow.”
Revenue rose 22.1% to $28.6m compared to $23.4m a year ago.
The drop in profit was attributed to “certain vessel-related expenses of $0.9m arising from the re-delivered vessels,” FSL Trust said in its financial statement.
The trust maintained its DPU to unitholders at $0.95, representing an annualised yield of 3.8%, unchanged compared to the corresponding period of last year.
FSL highlighted that it has commenced refinancing an entire outstanding loan balance of $483.08m and secured firm commitments totalling about 90% of the required commitment from six lenders to refinance the existing credit facility.
The trustee-manager is in the process of securing the remaining 10% commitment to close the refinancing.
Looking head, the trustee-manager's “primary goal in the fourth quarter is to complete the refinancing for FSL Trust. It remains focused on growing its long-term lease portfolio with a view to further diversify cash flow.”