First Ship Lease Trust's current liabilities exceed assets by US$179 million: auditors

Singapore

MOORE Stephens, the auditors of the financial statements of First Ship Lease Trust, on Tuesday drew attention to the group's full-year net loss of US$31 million for the period ended Dec 31, 2016, as well as the group's current liabilities, which exceeded its current assets by US$179.4 million.

"These conditions indicate the existence of a material uncertainty which may cast significant doubt on the ability of the group and the trust to continue as going concerns and therefore that they may be unable to realise their assets and discharge their liabilities in the normal course of business," the auditors said.