F I R S T S H I P
L E A S E T R U S T
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A N N U A L
R E P O R T
ANNUAL REPORT 2020 | 1 |
Corporate
Profile
First Ship Lease Trust ("FSL Trust" or the "Trust") is a Singapore-based business trust which owns a diversified fleet of well-maintained, oceangoing vessels across different segments. The current vessel portfolio comprises 12 tankers of different sizes. Of these, 9 vessels are chartered to international shipping companies on fixed-rate period charters, whilst the other 3 vessels are employed in pools.
As at 31 December 2020, more than 36% of the Trust's revenue is derived from the hire's received from fixed-rate bareboat charters. The fixed-rate charters provide the Trust with stable and predictable long-term revenue and cash flow, while the vessels employed on shorter-term charters or in pools provide the Trust with flexibility and opportunity to capture any market upsides.
FSL Trust is managed by FSL Trust Management Pte. Ltd. ("FSLTM" or the "Trustee-Manager"). The Trustee-Manager is responsible for safeguarding the interests of Unitholders and for FSL Trust's investment and financing strategies, asset acquisition and disposal policies, and the overall management of the Trust's portfolio. The Trustee-Manager aims to optimise the returns on the Trust's vessel portfolio by ensuring that the vessels are well run, managing the various risks and opportunities of the Trust and improving cash flow generation for the Unitholders of the Trust.
FSL Trust (D8DU) is listed on the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST).
1 | 4 | 13 | 20 | 49 | 102 |
Corporate | Chairman | Senior | Our | Investor | Lease |
Profile | & CEO | Management | Lessees and | Relations | Portfolio |
Message | Team | Charterers |
2 | 8 | 14 | 21 | 50 | 103 |
Corporate | Performance | Vessel | Corporate | Whistle- | Additional |
Structure | Highlights | Portfolio | Governance | Blowing Policy | Information |
Report |
3 | 10 | 16 | 47 | 52 | 104 |
Corporate | Board of | Financial & | Risk | Financial | Statistics of |
Information | Directors | Operational | Management | Statements | Unitholdings |
Review | 2020 |
2 | FIRST SHIP LEASE TRUST |
Corporate
Structure
UNITHOLDERS
HOLDINGS OF UNITS | SINGAPORE |
Public/Investors - 27% | TAX EXEMPT |
Sponsor - 73% | DISTRIBUTIONS |
(1) Acts on behalf of Unitholders
(2) Management & Trustee Services
Trustee Fees
Repayments on any
Ownership shareholder's loan, dividends, and share buy backs
SPECIAL PURPOSE
COMPANIES (SPCS)
Ownership
SPONSOR
FSL HOLDINGS PTE. LTD.
100%
FSL ASSET
MANAGEMENT PTE. LTD.
Management | Management | 100% | |
Services | Services Fee | ||
TRUSTEE-MANAGER
FSL TRUST MANAGEMENT
PTE. LTD.
Management Fee
VESSELS | Charter Income |
Charter
CHARTERERS
ANNUAL REPORT 2020 | 3 |
Corporate
Information
TRUSTEE-MANAGER | BOARD OF DIRECTORS | NOMINATING COMMITTEE | ||
FSL Trust Management Pte. Ltd. | Stathis Topouzoglou | Michael Oliver (Chairman) | ||
Non-Independent, | Michael Gray | |||
Non-Executive Chairman | Narayanan Sreenivasan | |||
CORPORATE DIRECTORY | ||||
Michael Chalkias | ||||
EXTERNAL AUDITORS OF | ||||
UEN/Company Registration | Non-Independent, | |||
No. 200702265R | Non-Executive Director | FIRST SHIP LEASE TRUST | ||
Corporate website: www.fsltrust.com | Michael Gray | |||
Moore Stephens LLP | ||||
Lead Independent Director, | 10 Anson Road | |||
REGISTERED OFFICE | ||||
Non-Executive Director and | #29-15 International Plaza | |||
Chairman of the Audit and Risk | Singapore 079903 | |||
9 Temasek Boulevard | Committee | Telephone: +65 6221 3771 | ||
#19-03 Suntec Tower Two | Fax: +65 6221 3815 | |||
Singapore 038989 | Michael Oliver | |||
Phone: +65 6836 3000 | Independent, | Partner-in-charge | ||
Fax: +65 6836 6001 | Non-Executive Director and | Christopher Bruce Johnson | ||
Chairman of the Remuneration | ||||
Committee and the Nominating | Date of appointment | |||
COMPANY SECRETARY | ||||
Committee | Appointed during the financial year | |||
Narayanan Sreenivasan | ended 31 December 2020 | |||
Elizabeth Krishnan | ||||
Independent, | ||||
INTERNAL AUDITORS OF | ||||
Non-Executive Director | ||||
UNIT REGISTRAR OF | FIRST SHIP LEASE TRUST | |||
FIRST SHIP LEASE TRUST | Costas Courcoubetis | |||
BDO LLP | ||||
Independent, | ||||
Boardroom Corporate & Advisory | Non-Executive Director | 600 North Bridge Road | ||
Services Pte. Ltd. | #23-01 Parkview Square | |||
50 Raffles Place | Singapore 188778 | |||
SENIOR MANAGEMENT TEAM | ||||
#32-01 Singapore Land Tower | Telephone: +65 6828 9118 | |||
Singapore 048623 | ||||
Roger Woods | Partner-in-charge | |||
Phone: +65 6536 5355 | ||||
Fax: +65 6536 1360 | Chief Executive Officer | Willy Leow | ||
Markus Wenker | Date of appointment | |||
Chief Financial Officer | 13 July 2015 |
AUDIT AND RISK COMMITTEE
Michael Gray (Chairman)
Michael Oliver
Narayanan Sreenivasan
REMUNERATION COMMITTEE
Michael Oliver (Chairman)
Michael Gray
Narayanan Sreenivasan
PRINCIPAL BANKERS
- Amsterdam Trade Bank N.V.
- Deutsche Bank AG, Singapore Branch
- Hellenic Bank Public Company Limited
- The Hongkong and Shanghai Banking Corporation Limited
- Overseas-ChineseBanking Corporation Limited
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FSL - First Ship Lease Trust published this content on 04 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 April 2021 11:29:06 UTC.