FSL Trust, a Singapore-based owner of eight specialised chemical tankers and an MR, distributes cash to its shareholders for the first time in three quarters on the back of rising earnings and the sale of an aframax.

Net profit came in at $2.1m for the second quarter from $0.5m in the same time last year. For the period of January through June, profit more than doubled to $2.2m from $0.9m.

Results reflected an overall improvement in tanker market sentiment and the sale of two vessels earlier this year.

“As FSL Trust is benefitting from the improved tanker markets and has sold two older, environmentally less friendly vessels and reduced market exposure, we have declared a cash distribution to unitholders of 1.60 US cents per unit,” chairman Stathis Topouzoglou said in an earnings release on Wednesday.

The vessels sold include the 115,000-dwt FSL Hong Kong (built 2007), which was the company’s last crude carrier.

That deal, and the subsequent sale of the 20,000-dwt FSL London (built 2006), have left FSL with nine ships — including eight chemical carriers tied up on firm, fixed-rate bareboat charters to James Fisher Everard.

The company’s ninth and biggest ship — the 47,500-dwt MR tanker FSL Singapore (built 2006) — has been trading in the spot market since May last year. Capturing the upside in the market, its earnings are multiplying from 2021 levels.

FSL said in a presentation it has zero net debt and no debt maturities due for the next few years.

“FSL Trust maintains a healthy capital structure with a low leverage and limited market exposure, which provides resilience in the face of macro-economic uncertainties,” Topouzoglou said.