Standard & Poor's Initiates Factual Stock Report Coverage on First Ship Lease Trust
NEW YORK-(Business Wire)-February 6, 2009 - Standard & Poor’s announced today that it has commenced Factual Stock Report coverage on First Ship Lease Trust.
First Ship Lease Trust (OTC: FSHPY) is also listed on the Singapore Exchange Securities Limited (SGX-ST) since March, 2007. The Bloomberg Ticker is FSLT SP and the Thomson Reuters Ticker is FSLT SI. It has a diversified lease portfolio of 23 vessels comprising seven containerships, nine product tankers, three chemical tankers, two dry bulk carriers and two crude oil tankers. These vessels have a dollar-weighted average age of 3.7 years, and a dollar-weighted average remaining lease period of 8.7 years (excluding extension periods and early buy-out options) with remaining contracted revenue of $858 million as at 31 December, 2008.
FSL Trust offers its services exclusively on a long-term bareboat charter basis with lease terms of at least seven years at lease inception. It offers structuring flexibility in its transactions by providing lessees with various options including purchase options, and residual upside sharing agreements; lease extension options as well as fixed and floating rate leases. FSL Trust is managed by FSL Trust Management Pte. Ltd., the Trustee-Manager. The Trustee-Manager is responsible for safeguarding the interests of unitholders, investment and financing strategies, asset acquisitions and disposal policies and the overall management of the business of FSL Trust.
The Trustee-Manager intends to focus on growing the vessel portfolio of FSL Trust through distribution-accretive acquisitions with long-term bareboat charters. The key elements of its strategy are to drive growth in the portfolio, focus on long-term bareboat charters, maintain a high quality and modern asset portfolio, a disciplined approach to portfolio and risk management, as well as a conservative financial structure and customize asset redeployment strategy according to prevailing market conditions.
This report will also be accessible on an ongoing basis to the investment community —— scores of buy-side institutions and sell-side firms that utilize S&P research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts.
About Standard & Poor's Factual Stock Reports
This Standard & Poor’s service provides factual research coverage enabling information about First Ship Lease Trust and other securities to reach a wide investor audience of Buy and Sell-side investors, helping them understand a company’s fundamentals and business prospects. Currently profiling over 1,000 issuers, S&P Factual Stock Reports increase market awareness for issuers in the investment community with insightful commentary and key statistics/information. Updated weekly with the latest pricing, trading volume, and other data, the reports include recent developments, a financial review, key operating information, Industry and peer comparisons, institutional holdings analysis, Street Consensus and opinions, performance charts, business summary, fundamental data, and news. Because coverage of these reports is sponsored by the issuer, S&P does not offer investment opinions concerning the advisability of investing in these stocks.
Standard & Poor’s Factual Stock Reports are produced separately from any other analytic activity of Standard & Poor’s. Standard & Poor’s Factual Report research has no access to non-public information received by other units of Standard & Poor’s. Standard & Poor’s does not trade on its own account.
Note: All U.S. and Canadian Companies listed on a National Exchange (not covered by S&P’s STARS research) are eligible to obtain this coverage.
About Standard & Poor's
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 23 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com.
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