FirstShipLeaseTrust: 1Q2011 rev at US$23.9m -2.4%yoy with a net loss of US$2.0m. Co also posted a loss of US$0.9m in prev quarter. FSL maintained DPU at US$0.95 same since 2Q2010 but a 36.7% decline yoy, an approx annualised yield of 11.5%. Lease revenue from 21 vessels on charter was 87% of rev which fell partly due to 2 vessels earning $0.7m less than 1Q last year and weak freight rates...
Despite series of losses, co still has a positive current ratio of 1.3x but high net gearing of 1.2x Co has remaining contracted rev of $575.7m with an average lease term of 6.9 yrs.
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