First Ship Lease Trust says it will distribute US$5.7 million ($7.1 million) or US0.95¢ per unit to its unitholders for the quarter ended 31 March 2011 (1Q FY11).
The distribution per unit (DPU) of US0.95¢, unchanged since 2Q FY10. The distribution will be paid on 27 May 2011 to all unitholders on record as at 29 April 2011.
Gross revenue for 1Q FY11 was US$23.9 million, down 2.4% year-on-year (y-o-y). The lower revenue in 1Q FY11 was due to lower revenue contributions from two vessels FSL Hamburg and FSL Singapore, which have been deployed in the product tanker spot market since 2Q FY10.
The two vessels earned freight revenue of US$3.1 million in 1Q FY11, compared to the US$3.8 million lease revenue in 1Q FY10 when both vessels were on bareboat charters.
The trust also posted a net loss of US$2.0 million for 1Q FY11, compared to a profit of US$0.7 million in 1Q FY10, largely due to the lower than expected performance of FSL Singapore and FSL Hamburg caused by timing differences between the recognition of freight revenue and the expenses; weak freight rates in the product tanker spot market; higher bunker expenses; and expenses incurred in voyages made by the vessels between employment without carrying revenue-earning cargo.
But First Ship Lease Trust says its balance sheet remains sound with a cash balance of US$53.2 million as at 31 March 2011, adding that the trust’s vessel portfolio, which comprises 23 vessels of which 21 are on long-term bareboat leases, has remaining contracted revenue of US$575.7 million with an average remaining lease term of 6.9 years.
No comments:
Post a Comment