Thursday, January 20, 2011

First Shipping Lease Trust

First Shipping Lease Trust: Repored FY10 reslts, with Full year Net Distributable Amount at US$28.5m, -43% YoY with grp recording a 36.7% dive from 1.5 US cents YoY. For the full year, total DPU for grp was 4.35 US cents, down from 7.90 US cents….

Grp sank into the red for 4Q, with a loss of US$928,000, from profits of US$1.8m YoY and also recorded Net Profit losses of US$5.69m for the full year, as compared with profit of US$8.42 a year ago. Affecting grp's bottom line was the arrest and re-delivery of two of its vessels, FSL Hamburg and FSL Singapore mid-last yr.The overall financial impact of their arrest and re-delivery was at a cost of US$11.2m to grp….

We note that at current levels, grp trades at 0.74x P/b, while Net gearing is at 113%, with a yield of 9.1%.

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