FSL Trust reports $5m net profit for second half of 2025

First Ship Lease Trust reported a net profit of $5.1 million for the second half of 2025, according to the trust-manager FSL Trust Management. This result follows the reversal of impairments totalling $3.7 million for the vessels Speciality, Seniority, and Superiority.

For the full year ending December 31, 2025, the trust recorded a net profit of $6.9 million. This figure is identical to the net profit achieved during the previous year, the financial statement confirmed.

The adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at $2.1 million for the second half of the year. For the full 12-month period, this figure reached $4.1 million, the trust reported.

As of December 31, 2025, FSL Trust stated it has prepaid all outstanding loans and ended the year with zero debt. The trust added that it maintains a balance sheet with cash and cash equivalents of $20.8 million.

The trust currently has six vessels employed under fixed-rate period charters. These contracts represent future revenue of $17.1 million as of December 31.

Chief Executive Officer Roger Woods noted the second half of 2025 involved stable fixed rate employment for the entire fleet. Woods added the trust extended the charter for Superiority for four years and converted charters for Solway Fisher and Shannon Fisher to fixed periods.

These negotiations are expected by the trust to provide a stable platform into 2029. Chairman of the board of directors Stathis Topouzoglou explained the trust has continued to look for new projects.

However, Topouzoglou mentioned the trust has not yet identified any opportunities with an attractive risk and reward balance. The trust noted it continues to monitor the market for future investment possibilities.