First Ship Lease Trust narrows Q4 loss to US$33.87m

SHIPPING trust First Ship Lease Trust narrowed its fourth-quarter loss to US$33.87 million, down 19.9 per cent, despite lower revenue posted for the period.

Revenue for the three months ended Dec 31 was S$19.90 million, 14.2 per cent lower compared to a year ago as contributions from vessel charters fell.

Income available for distribution was negative S$6.25 million for Q4, a reversal from a positive S$2.52 million a year before.

As a consequence, the board of directors did not recommend any distribution for unit holders.

Full-year loss widened to S$73.89 million from S$31 million.

The shipping trust is seeking to extend an extension of an amortising loan facility from its syndicated lenders by one more year. The extension will allow for refinancing of this facility, which bore a face value of US$151.3 million as at Dec 31, 2017.

It has filed a scheme application with Singapore's High Court as the extension requires the consensus of all lenders behind the syndicated facility.