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waters Senior	08-Apr-2017 17:21        waters About Contact  Quote this Post! Style: Combined
x 0   x 0  Alert Admin	FIRST SHIP LEASE TRUST: Why sell-down today is unjustified Written by  Lotustpsll   Published: 22 March 2017           Lotustpsll contributed this article to NextInsight. He worked 32 years with a global banking group before retiring a few years ago.   FSLT share price: 13.0 c 22 March - 0.6 cent - 4.41% The sell-down of First Ship Lease Trust (FSLT) today was unnecessary and was in response to the auditor&rsquo s report released in SGX last night.  To those who have accounting knowledge, the net current asset deficit of usd179 million was due to the re-classification of the bank loan from long-term liabilities to current liabilities as the maturity of the loan has fallen to within 12 months.  Without this accounting adjustment, FSLT would report a current asset surplus of usd 43 million.  Strangely, this was not explained by the auditors (Moore Stephens LLP) in its statement This is an accounting adjustment and has no bearing on the business and the operating cash flow, which has been in surplus (averaging usd 65 million per annum) for the past 5 financial years. FSLT has advised that the refinancing of the loan will be successful and judging from recent announcements, the new bank loan is likely to commence from April.  Hence, the accounting treatment for the loan will shift back to long term liability.   The management of the Trustee-Manager has prepared a cash flow projection and is of the view that the Group and the Trust will have sufficient resources to satisfy its working capital requirements and to meet its obligations as and when they fall due and The Group and the Trust will continue to receive financial support from its lenders and refinancing of the current bank loan will be successful.  -- First Ship Lease Trust  announcement  on SGX   I have issues with the report on the audit of the financial statements of FSL by its auditors, Moore Stephen LLC. By not stating the reasons for the net loss of usd31 million and the current asset deficit of usd179 million, this report has created unnecessary alarm for shareholders. Worse still, the report questioned the going concerns of FSL&rsquo s business. It failed to mention these facts:- - Loan repayments are on schedule - More than usd 50 million debts repaid within 12 months - FSL has cash reserve of usd 42.8m (covers loan repayments of 4 quarters) - FSL is discussing with lenders of refinancing of current loan - Price/Net Book value at 0,25 - FSL has generated average surplus FFO of usd 65 million for the past 5 years - Write-downs of ship value are one-off and non-cash item - Current asset deficit is due to accounting classification of bank loan - FSL is generating strong cash flow from operations. The way the report is written, I would label it as mechanical, one-sided and alarmist. How this report was sanctioned by the firm&rsquo s partners is beyond me. A huge &ldquo thumbs down&rdquo for the independent auditor!
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waters Senior	27-Mar-2017 08:45        waters About Contact  Quote this Post! Style: Combined
x 0   x 0  Alert Admin	Is Moore Stephens a credible and good accounting firm? If they wanna mid tier, can get better ones like bdo, grant thronton
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granto Master	21-Mar-2017 19:30        granto About Contact  Quote this Post!
x 0   x 0  Alert Admin	Moore Stephens stresses FSL Trust&rsquo s going concern issues http://splash247.com/moore-stephens-stresses-fsl-trusts-going-concern-issues/
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guiren Veteran	20-Mar-2017 18:23        guiren About Contact  Quote this Post!
x 0   x 0  Alert Admin	Any latest news about this company operation and it is profitable ?? TQ granto      ( Date: 15-Mar-2017 06:39) Posted: FSL Trust firms up its financial position http://splash247.com/fsl-trust-firms-financial-position/
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granto Master	15-Mar-2017 06:39        granto About Contact  Quote this Post!
x 0   x 0  Alert Admin	FSL Trust firms up its financial position http://splash247.com/fsl-trust-firms-financial-position/
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granto Master	06-Feb-2017 08:24        granto About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hatton quits FSL Trust in latest boardroom spat http://splash247.com/hatton-quits-fls-trust-in-latest-boardroom-spat/
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Greenpig Senior	21-Nov-2016 17:56        Greenpig About Contact  Quote this Post!
x 0   x 0  Alert Admin	Baltic Dry Index up.. up up.. Will be more profitable...?? No news of the renewable contact?
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granto Master	09-Nov-2016 14:14        granto About Contact  Quote this Post!
x 0   x 0  Alert Admin	Board exodus continues at FSL in protest of CFO appointment
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waters Senior	30-Sep-2016 15:23        waters About Contact  Quote this Post! Style: Combined
x 0   x 0  Alert Admin	anyone knows when can it resume paying dividends?
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investshare Supreme	29-Sep-2016 19:57        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	Having disagreements is not uncommon, but make it public is rather unusual. Normally will just say director resign to pursue other interests. granto      ( Date: 29-Sep-2016 19:37) Posted: This is bad news for FSL, Poulsson is as well regarded as they come in the industry... Esben Poulsson quits FSL Trust board over disagreement
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granto Master	29-Sep-2016 19:37        granto About Contact  Quote this Post!
x 0   x 0  Alert Admin	This is bad news for FSL, Poulsson is as well regarded as they come in the industry... Esben Poulsson quits FSL Trust board over disagreement
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johnng Supreme	08-Sep-2016 22:23        johnng About Contact  Quote this Post!
x 0   x 0  Alert Admin	Management working veri veri hard...NEXTINSIGHT writing...
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johnng Supreme	07-Sep-2016 15:26        johnng About Contact  Quote this Post!
x 0   x 0  Alert Admin	20cent to come???
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waters Senior	24-Apr-2016 02:10        waters About Contact  Quote this Post! Style: Combined
x 0   x 0  Alert Admin	Looks like Singapore listed shipping trusts e.g. Rickmers & FSL are doing very badly these few years. However, overseas listed shipping trusts are still doing well.   Look at Seaspan Corp.   Still profitable and good dividends.     http://www.seaspancorp.com/wp-content/uploads/2016/03/Seaspan-Investor-Fact-Sheet-March-2016.pdf
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fatpudge Member	12-Apr-2016 17:12        fatpudge About Contact  Quote this Post!
x 0   x 0  Alert Admin	FSL changed its auditors to Moore Stephens.   Also, it is profit generating with positive cash flows.   Looking to see value in it.  Cons are its leases are going to be renewed and perhaps the charter rates will be lower.     Anyone knows if it have restriction by banks to pay out dividends?   http://fsltrust.listedcompany.com/misc/ar2015.pdf http://fsltrust.listedcompany.com/misc/FSL_Factsheet_February_24_2016.pdf
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appleronaldo Veteran	08-Apr-2016 12:12        appleronaldo About Contact  Quote this Post!
x 0   x 0  Alert Admin	Looking strong today
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halleluyah Supreme	22-Feb-2016 10:20        halleluyah About Contact  Quote this Post!
x 0   x 0  Alert Admin	looking to add
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halleluyah Supreme	22-Feb-2016 10:00        halleluyah About Contact  Quote this Post!
x 0   x 0  Alert Admin	crossing 14 soon.......then fly...... halleluyah      ( Date: 22-Feb-2016 09:50) Posted: re enter..collect some to looong.....
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halleluyah Supreme	22-Feb-2016 09:50        halleluyah About Contact  Quote this Post!
x 0   x 0  Alert Admin	re enter..collect some to looong.....
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earlybird14 Supreme	20-Nov-2015 12:54        earlybird14 About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	wah you still believe shipping trust ah. halleluyah      ( Date: 20-Nov-2015 12:39) Posted: accumulate some first....gd ship
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