First Ship Lease Trust (D8DU) H1 2025 earnings summary

Executive summary

• H1 2025 profit was US$1.748m, including a US$736k vessel-disposal gain, versus US$1.377m in H1 2024.

• All six vessels were employed on fixed-rate period charters at 30 June 2025; fleet utilisation was 100%.

• Contracted future revenue was US$7.7m firm, with up to a further US$5.8m optional.

• No H1 distribution was recommended, with liquidity retained for investment opportunities.

Financial highlights

• Revenue fell 26.8% YoY to US$3.00m from US$4.096m; adjusted EBITDA declined 33.4% to US$2.042m from US$3.07m.

• Operating result rose 4.8% to US$1.659m; finance expenses fell 58.7% to US$206k, while finance income was US$288k.

• Profit before tax increased 24.1% to US$1.741m; basic and diluted EPS were US$0.10 per unit, up from US$0.08.

• Operating cash flow was US$2.225m; cash and cash equivalents rose to US$20.231m from US$14.788m at 31 December 2024.

Outlook and guidance

• All vessels were on fixed-rate period charters for the remainder of 2025; charter maturities were spread over the coming years.

• New project opportunities were under assessment, with a focus on avoiding short-term gains that carry long-term residual risks.

• Effects of frequent changes in the global trading environment remained uncertain and could affect shipping demand in coming months.