First Ship Lease Trust announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company's revenue was $24,059,000 against $29,575,000 for the same period a year ago. Income from operating activities was $4,955,000 against loss from operating activities of $14,975,000 for the same period a year ago. Loss before income tax was $1,544,000 against $14,737,000 for the same period a year ago. Loss was $1,554,000 or 0.24 cents per basic and diluted share against $14,732,000 or 2.25 cents per basic and diluted share for the same period a year ago. Cash generated from operations was $21,435,000 against $27,130,000 for the same period a year ago.

For the year, the company's revenue was $106,107,000 against $110,714,000 for the same period a year ago. Income from operating activities was $19,280,000 against $3,404,000 for the same period a year ago. Loss before income tax was $8,378,000 against $17,066,000 for the same period a year ago. Loss was $8,387,000 or 1.28 cents per basic and diluted share against $17,066,000 or 2.72 cents per basic and diluted share for the same period a year ago. Cash flows from operating activities were $78,664,000 against $92,619,000 for the same period a year ago. Net asset value per unit was $0.48 compared to $0.50 as at December 31, 2011. Net asset value per unit of trust was $0.30 compared to $0.34 as at December 31, 2011.

The company did not declare any dividend compared 0.10 cents per share paid a year ago.