FSL back in the black

Singapore’s First Ship Lease has eased back into the black in the second quarter.

The Singapore-listed Trust booked a gain of $1m in the three months to the end of June against a deficit of $7.23m last time around.

Revenue climbed by 7.8% to $22.96m thanks to increased income from vessels that have been redelivered from period contracts in the past year.

FSL says the sale of its two bulk carriers has helped to bring down costs this year.

A 25% dip in operating costs in the quarter and savings of $5.3m on debt tied to the two departed bulkers this year further aided its bottom line.

FSL says its performance has improved significantly with bareboat charters providing stable income and the redelivered vessels driving better earnings.

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