First Ship Lease Trust (D8DU) H2 2025 earnings summary

Executive summary

• Fleet utilization was 100% in H2 2025, with all six vessels employed on fixed-rate period charters; firm contracted future revenue was US$17.1m at year-end.

• FY 2025 net income was US$6.86m, down 17.0% YoY; adjusted EBITDA was US$4.10m, down 36.3% YoY.

• All outstanding loans were prepaid by 31 December 2025; cash and cash equivalents were US$20.83m, with zero net debt.

Financial highlights

• H2 2025 net income was US$5.11m, down 25.8% YoY; adjusted EBITDA was US$2.06m, down 39.0% YoY.

• FY 2025 revenue was US$6.05m, down 28.4% YoY; H2 revenue was US$3.05m, down 30.0% YoY.

• H2 EBIT was US$4.74m, down 23.4% YoY; FY EBIT was US$6.40m, down 17.7% YoY.

• FY basic and diluted earnings per unit were both US$0.39 cents, down 17.0% YoY.

Outlook and guidance

• Firm contracted future revenue totaled US$17.1m at 31 December 2025: US$5.8m in 2026, US$4.3m in 2027, US$4.3m in 2028 and US$2.7m in 2029.

• Speciality, Seniority and Superiority received charter extensions ranging from five months to four years; Shannon Fisher and Solway Fisher were fixed into 2029 after termination options were removed.

• All vessels were employed on period charters, with maturities spread over the coming years.