The manager of First Ship Lease Trust (FSL Trust) has reported a net profit of US$1.7 million ($2.19 million) for the 1HFY2025 ended June 30, up 26.9% y-o-y.

This includes a US$0.7 million gain on disposal of vessels.

However, the trusts’ adjusted ebitda for 1HFY2025 came in at US$2.04 million, down 33.4% y-o-y, and revenue for the reporting period declined 26.8% y-o-y to US$3 million.

As at June 30, the trust has 6 vessels operating under fixed-rate period charters, two less than in the same period a year ago.

The trust has contracted future revenue of up to US$13.5 million, including US$7.7 million of firm contracted revenue and US$ 5.8 million of optional contracted revenue. It made a voluntary prepayment of US$2.5 million to reduce the outstanding loan during the first half year 2025.

As at June 30, the trust has an outstanding loan of US$2 million.

Units in FSL Trust closed flat at 4 US cents on Aug 5.