The bottom line was boosted by a US$2.7 million gain from the sale of two product tankers and a crude oil tanker in March, as well as a fall in voyage expenses and vessel operating expenses by 35.6 per cent and 25.2 per cent respectively.
FSL Trust’s net leverage stands at 0.1 times as at end-June, compared to 1.0 times a year ago. The firm has US$33.28 million in cash, against US$39.66 million outstanding under loan facilities. FSL Trust said that the tanker markets are firm. In May 2020, the charterer of the two chemical tankers,Chief executive Roger Woods noted that the Covid-19 pandemic has posed unprecedented challenges to the shipping industry, with obstructions to crew changes and the sale and purchase market.
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