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First Ship Lease Trust
21-05-2017, 07:59 PM,
Post: #351
RE: First Ship Lease Trust
Navios Maritime may be in a worse position than FSL. The bonds has a coupon of 7.375% and is trading below water at $81.50.
https://sportsperspectives.com/2017/05/2...lower.html

If Navios does eventually take up a stake in FSL, I think there's a chance dividend will be restarted. Navio's capital injection should resolve FSL's refinancing issue, and Navios should have the incentive to upstream the cash from FSL via dividends.

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29-05-2017, 09:43 AM,
Post: #352
RE: First Ship Lease Trust
Navios Maritime Holdings : Earnings under pressure, but headwinds ease; maintain Neutral
in  Hellenic Shipping News 26/05/2017
http://www.hellenicshippingnews.com/navi...n-neutral/
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Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.

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04-07-2017, 02:44 PM,
Post: #353
RE: First Ship Lease Trust
could the recent drop below 8 cts be attributed to the recent report of reit/trust governance? FSL ranked last.

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04-07-2017, 04:55 PM,
Post: #354
RE: First Ship Lease Trust
Hi ZZF,

Please provide a little elaboration on your post such as providing the link to the REIT governance article. Thanks

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04-07-2017, 05:23 PM,
Post: #355
RE: First Ship Lease Trust
(04-07-2017, 04:55 PM)CY09 Wrote: Hi ZZF,

Please provide a little elaboration on your post such as providing the link to the REIT governance article. Thanks

http://www.businesstimes.com.sg/real-est...ance-index

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09-08-2017, 09:20 AM, (This post was last modified: 09-08-2017, 10:50 AM by CY09. Edit Reason: edits )
Post: #356
RE: First Ship Lease Trust
http://infopub.sgx.com/FileOpen/20170803...eID=465387

FSL's Q2 results have been released. One of the down point is that revenue from its charter has been steadily decreasing (likely due to expiry of its old charters and sending the ships into the pool market). The trust has taken another impairment on its shipping assets.

As of 2Q, debt is at US$181 mil, cash flow generated is 13.9mil. Based on this cash flow basis, FSL is still on track to clear its debts by 2021 if the new interest rate it negotiates for is 5.5% or below. After which, the value of its ships (be it scrap or charter revenue) will be entirely of the shareholders.

IMO with the low BBCE generated from its feeder container ship and one of the feeder container up for dry docking (FSL Santos) in 1Q 2018, the trust should scrap the ship to raise 1-2 mil instantly.

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