First Ship Lease Trust Q3 profit rises to US$2.8m

Singapore

FIRST Ship Lease Trust reported a 25 per cent increase in net cash generated from operations in Q3 to US$16 million on a 20 per cent increase in revenue. Revenue was US$28.4 million, up from US$23.6 million, on improved deployment of the re-delivered vessels and improved rates for new time charters.

Net profit almost quadrupled to US$2.8 million year-on-year. The trust flagged negative impact from a US$2.4 million increase in depreciation for two vessels, Ever Radiant and Ever Respect on revision in their residual values.