First Ship Lease Trust

[ZZF]

and another thought - it seems that the accounting lifespan of the ship and corresponding depreciation is based on the charter contract length.

For example, a new ship is contracted with 10 years charter. Say the charterer default halfway at 5 years, and the TM redeploy the ship to a pool - the useful life (for depre figures) will be revised from initial 10 years to 25 years.

am I right?