Losses at FSL Trust widen after customers defaulted on two bareboat charters
First Ship Lease (FSL) Trust's second quarter net loss has widened to US$7.2 million (S$9.1 million) from US$2.5 million previously.
The trust also posted lower revenue of US$21.3 million, down 27.2 per cent from the corresponding three months to June 30 last year.
During the quarter, the lessees of the trust's two crude oil tankers defaulted on their lease payments. Its remaining 23 vessels were fully employed, generating revenue from long-term bareboat charters, time charters and pool employment.
The default was by the subsidiaries of Geden Holdings over payments for the bareboat hires of two crude oil tankers, Aqua and Action.