Singapore's First Ship Lease Trust (FSL) has fallen to a loss in the fourth quarter as rates fell.

The tanker and boxship owner, whose CEO Alan Hatton resigned this month, posted a net deficit of $42.28m, against a profit of $0.83m in 2015.

It was hit by an impairment charge of $44.1m on five containerships, two crude oil tankers and one product tanker.

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