First Ship Lease Trust

[Nick]

RMT fleet is backed by 5 relatively stronger counter-party but their leases start to expire from late next year onwards. If the shipping recession doesn't end in 24 months time, the lease revenue will drop and its ability to service the very large debt might be impaired. It also have a ship charter expiring in 2 months time. If the recession ends by 2014, then it would be much healthier with the possibility of DPU cap being lifted (but convertible bonds might be converted). I guess the shipping trust in Singapore never developed properly and failed to attain the size needed for it to be successful like Seaspan in the West. I guess some may speculate Rickmers doing a PIL by delisting the Trust hmm.