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First Ship Lease Trust (D8DU) investor relations material
First Ship Lease Trust H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
H1 2026 revenue rose 10.6% YoY to US$3.317m; net profit was US$758k and adjusted EBITDA was US$1.810m, down 11.4%.
Fleet utilisation was 95.0%; firm contracted future revenue was US$13.788m, with cash and cash equivalents of US$22.572m at 30 June 2026.
Financial highlights
Revenue was US$3.317m versus US$3.000m in H1 2025, up 10.6%.
Adjusted EBITDA was US$1.810m, down 11.4% from H1 2025; it excludes vessel disposal gains or losses and vessel impairments.
Net profit was US$758k versus US$1.748m; H1 2025 included a US$736k gain on disposal of a product tanker, while H1 2026 had no vessel disposal gain.
Operating profit was US$426k versus US$1.659m; depreciation increased 23.7% to US$1.384m.
Outlook and guidance
Firm contracted future revenue at 30 June 2026 was US$13.788m: US$2.496m due within one year, US$4.3m in 2027, US$4.3m in 2028 and US$2.7m in 2029.
Five vessels operated under fixed-rate period charters; the dollar-weighted average remaining lease period was ~2 years.
Uncertain shipping conditions and tanker-market oversupply risks are making future project opportunities more challenging.
- H2 net profit fell as vessel-sale gains faded; all eight vessels remained chartered.D8DU
H2 2023 - Net profit fell 24.4% as fixed-rate charters secured all eight vessels and up to US$20.5m in revenue.D8DU
H1 2024 - 100% utilisation, US$8.26m FY net income and zero net debt.D8DU
H2 2024 - Profit rose on a vessel-sale gain as all six tankers stayed chartered; no distribution was recommended.D8DU
H1 2025 - FY net income was US$6.86m; year-end debt was zero, with US$20.83m cash.D8DU
H2 2025
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