First Ship Lease Trust (FRA:LJ9)

Half Year 2026 First Ship Lease Trust Earnings Call Transcript

Aug 4, 2026 / 02:00 AM GMT

Release Date Price: €0.0158

Transcript

Key Points

Positve

First Ship Lease Trust (SGX:D8DU) reported a net profit of US$0.8 million for H1 2026, maintaining profitability despite a smaller fleet.
The trust achieved a fleet utilization rate of 95%, indicating strong operational performance.
First Ship Lease Trust (SGX:D8DU) has a robust liquidity position with US$22.6 million in cash and zero net interest-bearing debt, providing financial flexibility.
The trust has contracted future revenue of approximately US$13.8 million, spread over the next few years, ensuring revenue visibility.
The volatile tanker market, driven by cargo dislocations and changing trade patterns, has increased ton-mile demand, benefiting the trust's specialized tanker fleet.

Negative

First Ship Lease Trust (SGX:D8DU) experienced a decline in revenue and adjusted EBITDA due to the impact of a smaller fleet, with adjusted EBITDA falling to US$1.8 million.
The tanker market remains volatile, with additional uncertainty from a new Middle East conflict, posing risks to future performance.
Excessive new building orders in the industry could lead to oversupply and pressure on charter rates in the future.
One vessel, the Speciality, was dry-docked in late May, which likely reduced operational availability and contributed to lower earnings.
The trust has no future revenue subject to optional charter extensions, limiting upside potential from existing contracts.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

FSLT.SI - First Ship Lease Trust
Half Year 2026 First Ship Lease Trust Earnings Call
Aug 05, 2026 / 02:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, ladies and gentlemen.

Welcome and thank you for joining FSL Trust's Half Year 2026 Financial Results Live Webcast.

My name is Roger Woods and I'm the Chief Executive Officer of FSL Trust Management, the Trustee Manager of FSL Trust.

We have announced the unaudited half-year 2026 financial results for FSL Trust yesterday evening, and the relevant materials are available on our website, www.firstshiplease.com, as well as on the SGX website.

During this live webcast, we will discuss the trust's activities. And operational and financial performance in the half year 2026. After the presentation we will take questions from the audience.

Before we begin please note

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