First Ship Lease Trust (D8DU) H2 2024 earnings summary

Executive summary

• H2 2024 net income was US$6.88m and FY 2024 net income was US$8.26m; results included a US$1.97m impairment reversal and US$2.28m vessel-disposal gain.

• Fleet utilisation was 100% in H2; seven vessels were employed under fixed-rate period charters at year-end.

Financial highlights

• H2 revenue was US$4.36m, down 1.2% YoY; FY revenue was US$8.46m, down 0.7%.

• Adjusted EBITDA, excluding disposal gains/losses and impairments, was US$3.38m in H2 and US$6.45m for FY 2024, up 1.7% and 1.2% YoY, respectively.

• FY net income was US$8.26m versus US$3.67m in FY 2023; H2 net income was US$6.88m versus US$1.85m.

• H2 basic and diluted EPS was US$0.39 versus US$0.10; FY EPS was US$0.47 versus US$0.21.

Outlook and guidance

• Future revenue was up to US$16.5m at 31 Dec 2024: US$10.7m firm contracted revenue spread across 2025–2029 and US$5.8m optional revenue conditional on charter extensions.

• Management is evaluating projects for an attractive risk-reward balance and considering long-term emissions and environmental targets.

• Vessel costs remained firm, with signs prices may soften.