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10 Feb 2026
First Ship Lease Trust swings to FY2025 net loss on lower lease revenue and vessel impairment; leverage stays elevated
Summary:
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FSL Trust reported a net loss for FY2025, reversing from a profit in FY2024, as time‑charter revenue declined on redeliveries and weaker market rates, and the Group booked impairment charges on its tanker fleet.
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Cash flow from operations weakened, constraining distributions to unitholders and keeping aggregate leverage at a relatively high level versus peers.
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Management highlighted a challenging tanker charter market through 2H2025 but noted some rate improvement into early 2026, and continues to prioritise deleveraging and liquidity preservation over growth.
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The Board did not declare a distribution for 2H2025 as it focuses on balance‑sheet repair and compliance with loan covenants.