FIRST Ship Lease (FSL) Trust swung back into the black with a net profit of US$3.5 million for the fourth quarter, versus a US$18.5 million loss previously, on the back of improved charter rates. 

Revenue for FSL, which leases ocean-going vessels to the international shipping industry, was up 19.8 per cent to US$22.2 million for the quarter ended Dec 31, 2019.

"The trust strategically employed part of the fleet in spot-trading pools and as such managed to benefit from the fourth-quarter market upturn, fuelled by tighter tonnage supply and positive market sentiment ahead of IMO2020 regulations," FSL said. 

For the full year, net profit was US$10.1 million, a reversal from a US$19 million loss in the previous year. 

Net distributable amount for the quarter and full year stood at US$26.5 million.  

The trust has proposed a distribution per unit (DPU) of 1.5 US cents for the full year, to be paid on March 13.  It is FSL's first full-year distribution since 2012. 

Looking ahead, FSL CEO Roger Woods said: "The trust remains cautiously optimistic in our 2020 outlook and will continue to focus on operating performance and vessel portfolio management to maximise returns."