First Ship Lease Trust : Annual Reports And Related Documents

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L E A S E T R U S T

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A N N U A L

R E P O R T

ANNUAL REPORT 2020	1

Corporate

Profile

First Ship Lease Trust ("FSL Trust" or the "Trust") is a Singapore-based business trust which owns a diversified fleet of well-maintained, oceangoing vessels across different segments. The current vessel portfolio comprises 12 tankers of different sizes. Of these, 9 vessels are chartered to international shipping companies on fixed-rate period charters, whilst the other 3 vessels are employed in pools.

As at 31 December 2020, more than 36% of the Trust's revenue is derived from the hire's received from fixed-rate bareboat charters. The fixed-rate charters provide the Trust with stable and predictable long-term revenue and cash flow, while the vessels employed on shorter-term charters or in pools provide the Trust with flexibility and opportunity to capture any market upsides.

FSL Trust is managed by FSL Trust Management Pte. Ltd. ("FSLTM" or the "Trustee-Manager"). The Trustee-Manager is responsible for safeguarding the interests of Unitholders and for FSL Trust's investment and financing strategies, asset acquisition and disposal policies, and the overall management of the Trust's portfolio. The Trustee-Manager aims to optimise the returns on the Trust's vessel portfolio by ensuring that the vessels are well run, managing the various risks and opportunities of the Trust and improving cash flow generation for the Unitholders of the Trust.

FSL Trust (D8DU) is listed on the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST).

1	4	13	20	49	102
Corporate	Chairman	Senior	Our	Investor	Lease
Profile	& CEO	Management	Lessees and	Relations	Portfolio
	Message	Team	Charterers

2	8	14	21	50	103
Corporate	Performance	Vessel	Corporate	Whistle-	Additional
Structure	Highlights	Portfolio	Governance	Blowing Policy	Information
			Report

3	10	16	47	52	104
Corporate	Board of	Financial &	Risk	Financial	Statistics of
Information	Directors	Operational	Management	Statements	Unitholdings
		Review		2020

2	FIRST SHIP LEASE TRUST

Corporate

Structure

UNITHOLDERS

HOLDINGS OF UNITS	SINGAPORE
Public/Investors - 27%	TAX EXEMPT
Sponsor - 73%	DISTRIBUTIONS

(1) Acts on behalf of Unitholders

(2) Management & Trustee Services

Trustee Fees

Repayments on any

Ownership shareholder's loan, dividends, and share buy backs

SPECIAL PURPOSE

COMPANIES (SPCS)

Ownership

SPONSOR

FSL HOLDINGS PTE. LTD.

100%

FSL ASSET

MANAGEMENT PTE. LTD.

Management		Management	100%
Services		Services Fee

TRUSTEE-MANAGER

FSL TRUST MANAGEMENT

PTE. LTD.

Management Fee

VESSELS

Charter Income

Charter

CHARTERERS

ANNUAL REPORT 2020	3

Corporate

Information

TRUSTEE-MANAGER		BOARD OF DIRECTORS	NOMINATING COMMITTEE
FSL Trust Management Pte. Ltd.		Stathis Topouzoglou	Michael Oliver (Chairman)
		Non-Independent,	Michael Gray
		Non-Executive Chairman	Narayanan Sreenivasan
CORPORATE DIRECTORY
		Michael Chalkias
		EXTERNAL AUDITORS OF
UEN/Company Registration		Non-Independent,
No. 200702265R		Non-Executive Director	FIRST SHIP LEASE TRUST
Corporate website: www.fsltrust.com		Michael Gray
	Moore Stephens LLP
		Lead Independent Director,	10 Anson Road
REGISTERED OFFICE
	Non-Executive Director and	#29-15 International Plaza
		Chairman of the Audit and Risk	Singapore 079903
9 Temasek Boulevard		Committee	Telephone: [phone]
#19-03 Suntec Tower Two			Fax: [phone]
Singapore 038989		Michael Oliver
Phone: [phone]		Independent,	Partner-in-charge
Fax: [phone]		Non-Executive Director and	Christopher Bruce Johnson
		Chairman of the Remuneration
		Committee and the Nominating	Date of appointment
COMPANY SECRETARY
	Committee	Appointed during the financial year
		Narayanan Sreenivasan	ended 31 December 2020
Elizabeth Krishnan
		Independent,
		INTERNAL AUDITORS OF
		Non-Executive Director
UNIT REGISTRAR OF			FIRST SHIP LEASE TRUST
FIRST SHIP LEASE TRUST		Costas Courcoubetis
	BDO LLP
		Independent,
Boardroom Corporate & Advisory		Non-Executive Director	600 North Bridge Road
Services Pte. Ltd.			#23-01 Parkview Square
50 Raffles Place			Singapore 188778
	SENIOR MANAGEMENT TEAM
#32-01 Singapore Land Tower		Telephone: [phone]
Singapore 048623
	Roger Woods	Partner-in-charge
Phone: [phone]
Fax: [phone]		Chief Executive Officer	Willy Leow
		Markus Wenker	Date of appointment
		Chief Financial Officer	13 July 2015

AUDIT AND RISK COMMITTEE

Michael Gray (Chairman)

Michael Oliver

Narayanan Sreenivasan

REMUNERATION COMMITTEE

Michael Oliver (Chairman)

Michael Gray

Narayanan Sreenivasan

PRINCIPAL BANKERS

• Amsterdam Trade Bank N.V.
• Deutsche Bank AG, Singapore Branch
• Hellenic Bank Public Company Limited
• The Hongkong and Shanghai Banking Corporation Limited
• Overseas-ChineseBanking Corporation Limited