FSL Trust exceeding IPO expectations
Singapore-based FSL Trust Management on Wednesday said its shareholders received a total distribution of $12.1 million to holders of First Ship Lease Trust for the quarter ending Dec. 31.
“This represents 100 percent of the amount available for distribution,” FSL said in a statement. “Its distribution per unit is 24 cents, 13.6 percent higher than the projected DPU at the time of FSL Trust's IPO in March 2007 and an increase of 8.5 percent over the DPU for the preceding quarter.”
Philip Clausius, chief executive officer of FSL Trust, said revenue the ongoing global credit crisis is net beneficial for FSL Trust.
'Ship operators are turning increasingly to alternative financing solutions, including leasing, as they are facing greater difficulty in raising conventional bank finance,” Clausius said. “As a result of these developments, we have raised the annual acquisition target for FSL Trust from $200 million to $300 million for fiscal year 2008.'
FSL Trust exceeding IPO expectations
