First Ship Lease Trust reported a net loss of US$2.5 million ($3.2 million) for the second quarter ended 30 June 2012 (2QFY12) against a net loss of US$0.5 million in the same period last year. The included a provision for a call on a banker’s guarantee of US$2.5 million in relation to the arrest of FSL Hamburg in China in June 2010.
FSL Trust recorded a 1.9% (+US$0.5 million) increase in revenue to US$29.2 million in 2QFY12 compared to the same quarter last year (2QFY11). This comprised bareboat charter revenue of US$18.1 million, freight income of US$10.5 million and time charter revenue of US$0.6 million.
Bareboat charter revenue fell 14.3% (–US$3.0 million) year-on-year mainly due to the payment default of PT Berlian Laju Tanker Tbk for three chemical tankers since February 2012. Rentals from vessels leased to TORM A/S were reduced in 2QFY12 as the leases were being restructured. Freight income rose 38.9% (+US$2.9 million) as a result of the redeployment of the three chemical tankers in the spot market offset by weaker freight income from the two product tankers, FSL Singapore and FSL Hamburg. In mid-May 2012, FSL Singapore ceased trading in the spot market and commenced employment on a time charter basis with Petròleo Brasileiro S.A., contributing a time charter revenue of US$0.6 million.
The Trust incurred higher voyage and vessel operating expenses of US$8.3 million, an increase of 95.1% (+US$4.1 million), as there were three more vessels trading in the spot market compared to 2QFY11. Other operating expenses3 rose 3.8% (+US$0.6 million) to US$16.9 million mainly attributable to a non-recurring vessel related expense of US$1.1 million, which arose from the redelivery of the three chemical tankers and the change in technical manager for FSL Singapore and FSL Hamburg, offset by lower depreciation expense (-US$0.2 million).
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