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FSL Trust Management Pte. Ltd., Trustee-Manager of First Ship Lease Trust ("FSLT") will be announcing the financial results of FSLT for the first quarter ended 31 March 2013 on Monday, 22 April 2013, after trading hours.
(Vested)
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The results were disappointing with a significant impairment of its TORM shares.
Still, the management fails to control and improve its vessel operating expenses.
Looking at the financials, unitholders are unlikely to get any distribution in this year
unless the management gets an equity injection or rights issue or the shipping market
turns in its favor.
(Vested)
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Wouldnt it be worrying that dividends can only be declared after an equity injection?
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Is it still solvent ? its former peak was more than $1.60....now only $0.125....
Can it ever recover? what are the catalysts for its recovery?
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this company has no more hope, it enjoys paying the bankers more than shareholders, dont waste yr hard earned money on it
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(17-05-2013, 11:56 PM)safetyfirst Wrote: this company has no more hope, it enjoys paying the bankers more than shareholders, dont waste yr hard earned money on it
Well said.......
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FSL TRUST DEMANDS REDELIVERY OF TWO CRUDE OIL TANKERS FOLLOWING DEFAULT BY GEDEN SUBSIDIARIES
http://info.sgx.com/webcoranncatth.nsf/V...800381615/$file/News_Release_FSL_Trust_demands_redelivery_of_two_crude_oil_tankers_following_default.pdf?openelement [SGX Announcement]
This makes it the 6th and 7th vessel to face a default from the charterer (excluding the rates restructuring of 4 vessels). Not sure whether there are any security deposits for them to claim ?
1) Groda - 2 product tankers defaulted
2) Torm - 2 product tankers charter restructured
3) Berlian - 3 tankers defaulted
4) Omni - 2 dry bulk charter restructured
5) Geden - 2 oil tankers defaulted.
Please feel free to correct any misinterpretations and incorrect data in this post.
(Not Vested in any shipping trust)
Disclaimer: Please feel free to correct any error in my post. I am not liable for anything. Do your own research and analysis. I do NOT give buy or sell calls and stock tips. Buy and sell at your risk. I am not a qualified financial adviser so I do not give any advice. The postings reflects my own personal thoughts which may or may not be accurate.
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Omg, if you think this company can avoid raising cash sooner or later, you are probably deceiving yourself... and interest rate seems to be going up soon, estimate the additional interest they have to pay on their debt... why should anyone continue betting on this company when there is low upside and high downside???
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Guys, if u still have FSL, just sell as soon as possible and dun look back.
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