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Bad market sentiment plus no revised DPU guidance provided by FSLTM to provide stability.
wan dan le. i bought at 0.525 last week 
Emm Today drop probably attributed by the bad market sentiments.
But I tot this is old news liao? And FSL forfeited their deposit?
Groda defaulted from its charter agreement.
lynnlee ( Date: 20-May-2010 19:41) Posted:
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Maybe, can buy some soon to average down?
http://singaporeanstocksinvestor.blogspot.com/2010/05/fsl-trust-that-sinking-feeling.html
bcos of dividend ?????
lynnlee ( Date: 20-May-2010 19:41) Posted:
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Anyone knows why the share price suddenly dropped so low?
Indeed that's a good return.
Good Rate
as USD recovers
grandmaster89 ( Date: 18-May-2010 17:37) Posted:
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OCBC released
its analysis of the shipping trust sector today:
http://www.remisiers.org/research//Shipping%20Trusts-100519-OIR.pdf
Key Parts about FSLT:
FSLT struggles with vessel re-delivery. FSLT's charterer Groda Shipping recently requested FSLT to take re-delivery of two of its product tankers Verona I and Nika I as Groda does not intend to continue to make full charter payments. To recap, both vessels are under a seven-year bareboat charter agreement fixed at US$20,700/day each until Nov 2014. FSLT is currently estimating (conservatively) that it can earn US$7,000/day per vessel on a bareboat charter equivalent basis (down 66.2%). The vessels currently have planned voyages under a Contract of Affreightment with Rosneft and FSLT's "immediate priority is the continued smooth operation of the vessels whilst [it explores] alternative commercial solutions". The manager has decided to suspend the management fee it is entitled to receive on the two vessels under further notice. It also said that FSLT's DPU guidance for 2Q FY10 and beyond is under review by the Board
Our key concern is what the redelivery means for the rest of FSLT's product tanker portfolio (26% of total revenue including Groda). FSLT is "presently not aware of any information that would lead it to believe that its other customers would not continue to fulfill their lease payment obligations." On a positive note, we understand that this development does not impact FSLT's loans. Still, any reduction in revenue could affect FSLT's plans to raise unsecured debt.
Acquisition plans on the runway? FSLT has yet to deploy the US$28.3m net proceeds from its Sep 2009 placement. At 1Q10 results, its manager said an announcement was likely in "a matter of weeks / possibly in a month or two". FSLT reiterated its target asset yield of 15% and its plan to further diversify into a previously untapped vessel sub-sector (for example, offshore). A significant change in guidance was that FSLT is "now hopeful of lifting acquisition projects over and above" the placement proceeds because of increasing access to capital.
http://www.remisiers.org/research//Shipping%20Trusts-100519-OIR.pdf
Key Parts about FSLT:
FSLT struggles with vessel re-delivery. FSLT's charterer Groda Shipping recently requested FSLT to take re-delivery of two of its product tankers Verona I and Nika I as Groda does not intend to continue to make full charter payments. To recap, both vessels are under a seven-year bareboat charter agreement fixed at US$20,700/day each until Nov 2014. FSLT is currently estimating (conservatively) that it can earn US$7,000/day per vessel on a bareboat charter equivalent basis (down 66.2%). The vessels currently have planned voyages under a Contract of Affreightment with Rosneft and FSLT's "immediate priority is the continued smooth operation of the vessels whilst [it explores] alternative commercial solutions". The manager has decided to suspend the management fee it is entitled to receive on the two vessels under further notice. It also said that FSLT's DPU guidance for 2Q FY10 and beyond is under review by the Board
Our key concern is what the redelivery means for the rest of FSLT's product tanker portfolio (26% of total revenue including Groda). FSLT is "presently not aware of any information that would lead it to believe that its other customers would not continue to fulfill their lease payment obligations." On a positive note, we understand that this development does not impact FSLT's loans. Still, any reduction in revenue could affect FSLT's plans to raise unsecured debt.
Acquisition plans on the runway? FSLT has yet to deploy the US$28.3m net proceeds from its Sep 2009 placement. At 1Q10 results, its manager said an announcement was likely in "a matter of weeks / possibly in a month or two". FSLT reiterated its target asset yield of 15% and its plan to further diversify into a previously untapped vessel sub-sector (for example, offshore). A significant change in guidance was that FSLT is "now hopeful of lifting acquisition projects over and above" the placement proceeds because of increasing access to capital.
Go down more? Goodness, I already bought some to average down.
NOTICE TO UNITHOLDERS ON FOREX RATE
Singapore, 18 May 2010 – FSL Trust Management Pte. Ltd., the Trustee-Manager of First Ship Lease Trust (“FSL Trust”), would like to inform all unitholders of FSL Trust that the distribution of US1.50 cents per unit for the quarter ended 31 March 2010 will be paid on Wednesday, 26 May 2010.
Unitholders who did not opt to receive their distribution in US Dollars, will receive it in Singapore Dollars at the foreign exchange rate of US$1.00 = S$1.3921, which was fixed on 18 May 2010. This means that unitholders will receive S$20.88 for every 1,000 units of FSL Trust held at the time of books closure.
This applies to their 1Q 10 DPU payout. More $$$ coming in haha
Emm I am waiting for it to goes down abit more before i start averaging.......
(VESTED also)
grandmaster89 ( Date: 17-May-2010 17:22) Posted:
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Yea it is confirmed. They raised US$29 million last year in a private placement for acquisition purposes. In the 1Q 10 presentation, the CEO mentioned that they are targeting vessels with a 15% return and they are looking for a new vessel sub-class and charterer for further diversification. The acquisition is in the final stages and they have already identified what they wish to buy. He mentioned that the announcement will be made in a 'month or two'. So lets wait for this particular piece of good news.
simplyenjoy ( Date: 18-May-2010 11:09) Posted:
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Hi grandmaster89,
Is the acquiring of new vessel confirmed?
--- heavily vested ---
Unit price getting more and more cheap. I averaged down too soon haha !
We the recent clarification from FSLT, we can predict Q2 10 cash-flow and possible DPU. It will be higher than Q3 onwards since Groda did pay for the vessels for April.
Net Distributable Income - US$8.3 million
Loss of Income from Groda - US$1.87 million
Gain of Income from Rosneft - US$0.63 million
Gain of Income from suspended Management fees - US$0.1 million
New Distributable Income - US$7.16 million or US$0.012
I assume FSLT will not distribute the US$6 million deposit forfeited from Groda to unit-holders.
I assume that FSLT will not acquire any new vessel till June 30.
I assume that the charter rates for the COA contract are fixed at US$7K/day which is an conservative estimate from FSLTM.
Waiting to hear their revised Q2 guidance.
Got all I want today. They really thrown to me at 0.48.
Booked some at 0.485 today, also Q some at 0.48 , hope sellers throw to me later.
loaded again. trying to average down