Singapore-listed FSL recorded a gain of $6.2m in the three months to the end of June as revenue rose by one fifth to $27.5m.
Alan Hatton, chief executive of FSL, said in a statement: “We have seen a notable improvement in net profit.
“With improved revenue, lower overall operating expenses, and improved operating results compared to a year ago, the Trust is better positioned to deliver value and enhanced business performance to unitholders going forward.”
FSL explains higher income from its bareboat chartered vessels, pool based ships and those on contracts with profit splits more than cancelled out lower time charter revenue.
With three tankers fixed out after the end of the quarter, to a trader reported to be Trafigura, revenue of $61m was locked in from the ships over the next three years.
“The new rates are substantially higher than existing time charter rates for the three vessels and this will ensure positive cash flow for the Trust,” Hatton said.
“We have made significant progress thus far and the outlook of the Trust continues to improve.”
