First Ship Lease Trust (D8DU) H1 2026 earnings summary

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.