• ITVI.USA
    13,795.070
    81.410
    0.6%
  • OTRI.USA
    26.560
    -0.120
    -0.4%
  • OTVI.USA
    13,740.380
    64.000
    0.5%
  • TLT.USA
    2.720
    -0.060
    -2.2%
  • TSTOPVRPM.ATLPHL
    2.670
    0.130
    5.1%
  • TSTOPVRPM.CHIATL
    2.930
    0.280
    10.6%
  • TSTOPVRPM.DALLAX
    1.320
    -0.020
    -1.5%
  • TSTOPVRPM.LAXDAL
    3.040
    0.050
    1.7%
  • TSTOPVRPM.PHLCHI
    1.740
    0.050
    3%
  • TSTOPVRPM.LAXSEA
    3.210
    0.000
    0%
  • WAIT.USA
    108.000
    5.000
    4.9%
  • ITVI.USA
    13,795.070
    81.410
    0.6%
  • OTRI.USA
    26.560
    -0.120
    -0.4%
  • OTVI.USA
    13,740.380
    64.000
    0.5%
  • TLT.USA
    2.720
    -0.060
    -2.2%
  • TSTOPVRPM.ATLPHL
    2.670
    0.130
    5.1%
  • TSTOPVRPM.CHIATL
    2.930
    0.280
    10.6%
  • TSTOPVRPM.DALLAX
    1.320
    -0.020
    -1.5%
  • TSTOPVRPM.LAXDAL
    3.040
    0.050
    1.7%
  • TSTOPVRPM.PHLCHI
    1.740
    0.050
    3%
  • TSTOPVRPM.LAXSEA
    3.210
    0.000
    0%
  • WAIT.USA
    108.000
    5.000
    4.9%
American Shipper

First Ship Lease: Shareholder dividends exceeding expectations

First Ship Lease: Shareholder dividends exceeding expectations

   Managers of a Singapore Stock Exchange-listed shipping trust said Thursday that first quarter dividends were 2 percent higher than projected during First Ship Lease's initial public offering in March.

   For the quarter ending June 30, First Ship Lease shelled out $11.5 million in distributions to shareholders, with a yield of 9.08 percent.

   With a market capitalization of roughly $750 million, FSL is the biggest of three shipping trusts listed on Singapore's exchange (see June American Shipper, page 60). Initially, it maintained a diverse fleet of 13 ships, which it chartered to five clients on long-term leases. By the end of June, the trust's fleet had grown to 16 after the acquisition of three product tankers for $45 million — the first post-IPO purchase the trust had made.

   'The incremental lease rentals from this transaction were the primary reason for revenue rising by 3.8 percent to $12.7 million for the period March 19 to June 30 compared to projection,' the trust said in a statement.

Close