Singapore's First Ship Lease Trust (FSL Trust) has seen earnings eroded in the first quarter as rates came under pressure.
The tanker and boxship owner said net profit to 31 March was $917,000, compared to $3.44m in 2017.
Revenue declined to $16.85m against $21.94m in 2017.
Rates have softened and the company did not extend time charter agreements for both aframax and MR tankers.
