Lower depreciation expenses and vessel impairments during 2018 led Singapore-based shipowner First Ship Lease Trust to end the year in loss.The company managed to shrink the net loss on an annual basis,and in 2018 reported USD 18.9 million net loss, a cut of 74.3% compared to a net loss of USD 73.8 million seen a year earlier.In the fourth quarter of 2018, FSL’s net loss stood at USD 18.5 million, against a net loss of USD 33.8 million reported in the same period in 2017.Impairment charges for the quarter, and the full year, were at USD 20.6 million.FSL generated revenue of USD 18.5 million for the fourth quarter of 2018 and USD 67 million for the full year, a 6.8% and 17.7% decline compared to the same period a year ago, respectively.The company said the lower revenue for both the fourth quarter and full year was the result of a reduced fleet following the disposal of a chemical tanker in early 2018, and the disposal of two feeder containerships in late 2017 reducing the fleet size to 19.In addition to a reduced fleet, the company said the revenues were impacted by the ongoing market volatility and continued softening of rates across all shipping sectors, which has weighed on FSL’s earnings.“Having successfully completed a much needed refinancing in the summer of 2018, FSL’s balance sheet was strengthened and the viability of the business was protected. Profit before impairments during FY18 was USD 1.6 million,” Stathis Topouzoglou, Chairman of the Trust, said.First Ship Lease Trust owns a fleet of 19 vessels, comprising three containerships, twelve product tankers, two chemical tankers and two crude oil tankers.
After back-to-back 1-0 wins, Avram Grant’s side will secure top spot by avoiding defeat when they play Egypt in their last group match on Wednesday.The teams had been prevented from warming-up on the pitch in order to prevent the damaged surface from further deteriorating, and when the game began it was Ghana who adapted quickest to the conditions. Andre Ayew should have put the ball in the net rather than poke wide from a Christian Atsu assist, before the goal arrived in the 21st minute. Gyan headed in a Jordan Ayew cross for his eighth goal at the Cup of Nations — his first came on home soil in 2008 — and Ghana then soaked up Malian pressure after the break.Mali, who were eliminated from the group stage after a drawing of lots in 2015, must now beat Uganda in their last match and hope Egypt lose if they are to stay in the competition.“The players are disappointed but not completely knocked down. They will be ready to lift their heads for the last match,” said the Mali coach Alain Giresse.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Asamoah Gyan headed Ghana into the quarterfinals of the Africa Cup of Nations yesterday while Uganda were condemned to an early exit after an agonising defeat to Egypt in Port-Gentil.Gyan scored the only goal of the first match of the day in a Group D double-header in the Gabonese port city, securing a 1-0 win for the Black Stars against Mali. Four-time winners Ghana, the runners-up in 2015, are one of only two teams to have clinched qualification for the quarter-finals with a match to spare, the others being Senegal.“In tournaments you need to be winning games and that is what we did today,” said Gyan, who has now scored at six consecutive Cup of Nations tournaments. “We are satisfied about our performance. Whether we play an excellent game or not, at the end of the day we just want to win and move forward.”