A reader recently alerted me to the undervaluation of First Ship Lease Trust (FSL). It is a stock that lost a lot of money for me, having bought it at $1.27 in Oct 2007, averaged down at $0.42 in May 2009, before finally throwing in the towel at $0.225 in Jan 2012. Together with Rickmers Maritime, the shipping trusts were the worst investments in the 19 years that I had invested in the stock market.   However, despite the heavy losses, I am prepared to relook at it 5 years after I sold it. FSL is in the business of financing/ leasing ships. The shipping industry has been in the doldrums for many years, and this has resulted in poor financial performance for shipping companies and trusts. Rickmers recently decided to wind itself up, with no residual value for its shareholders, despite reporting a net asset value of ......