First Ship Leasing Trust is a shipping trust listed on the Singapore Stock Exchange. It was listed in Mar 2007.

Investors have a hate relationship with this business trust.  I think this trust is shaping up interestingly.

Share Price: SG$0.168

Outstanding Shares: 639 mil

Market Cap: SG$107 mil equivalent to Us$80 mil ( 1.40 USD to SGD)

In this article, I will give a brief history of FSL Trust’s challenges in the past, the outlook for the shipping segments they operate in and how I see their valuation and future free cash flow.

Caught at the wrong part of the shipping cycle

The hate relationship was mainly due to how FSL Trust have turned out as an investment. If FSL have been properties instead of ships, they would not be so hated.

The shipping cycle went on a good run from 2000 to 2008 as …