First Ship Lease Trust (FSL Trust) will distribute US$5.7 million or US0.95¢ per unit to its unitholders for quarter four, 2010, down almost 37 percent from the same period in 2010.
Revenue for FY2010 was US$100.5 million, up 1.7 percent year-on-year from US$98.8 million in FY2009. The FY2010 revenue includes a non-recurring US$6 million cash receipt pursuant to the redelivery of the vessels 'FSL Singapore' and 'FSL Hamburg' in 2QFY10, which partially offset the impact resulting from the vessel redelivery. The two vessels were arrested in Japan and China as bunkers supplied by Daxin Petroleum had not been paid, after their charterers refused to continue paying full lease payments in May.
Net cash generated for the year amounted to US$60.5 million, which is 10.9 percent lower than 2009, and according to FSL, primarily due to the termination of bareboat leases as a result of the vessel redelivery.
The trust posted a full year net loss of US$5.7 million, compared to a profit of US$8.4 million in the previous year.