First Ship Lease Trust reported earnings results for the third quarter of 2009. For the quarter, the company reported net cash from operations rose 11.5% year-on-year to $17.6 million. The company's lease revenue rose 4% to $24.6 million compared to third quarter 2008, primarily driven by contributions from YM Enhancer, the third and final containership acquired in October last year, in the acquisition and leaseback transaction with Yang Ming Marine Transport Corporation. The company continued to adopt a prudent approach amid the global shipping downturn, slashing its third-quarter distribution to unit holders by 47.8% year-on-year to $7.96 million. This resulted in a distribution per unit of 1.5 cents in line with its guidance. In third quarter of 2008, DPU was 3.05 cents. Based on the equity placement announced on September 4, 2009, 80 million new units were issued on September 17, 2009 and a stub distribution of 1.27 cents was declared for the period July 1, 2009 to September 16, 2009 for the then existing unit holders. The enlarged unit holder base post-equity placement will receive the remaining DPU of 0.23 cent for the period September 17, 2009 to September 30, 2009. The lower distribution amount resulted in surplus cash of $9.6 million, of which $8 million has been applied towards voluntary loan prepayments on September 18, 2009 ($800,000) and Oct 1 ($7.2 million) respectively. The company has provided a DPU guidance of 1.50 cents for fourth quarter of 2009, representing an annualised yield of about 14% based on the closing price of 60.5 cents on Oct 22.

First Ship Lease Trust reported consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, profit before income tax was $2,739,000 against $697,000 a year ago. Profit for the quarter was 2,737,000 against $672,000 a year ago. Cash flows from operating activities were $23,546,000 against $22,354,000 a year ago. For the nine months, revenue was $74,292,000 against $60,959,000 a year ago. Profit before income tax was $6,630,000 against $4,411,000 a year ago. Profit for the quarter was $6,619,000 against $4,367,000 a year ago. Cash flows from operating activities were $69,493,000 against $56,763,000 a year ago.

FSL Trust Management Pte. Ltd. Trustee-Manager of First Ship Lease Trust announced a stub distribution of 1.27 US cents per unit for the period from 1 July 2009 to 16 September 2009 payable to unit holders whose CDP securities accounts are credited with the units as at the books closure date on 16 September 2009. The stub distribution will be paid on 30 October 2009. The stub distribution will not be paid in respect of the new units issued on 17 September 2009, but these new units will be entitled to the distribution to be announced for the period from 17 September 2009 to 30 September 2009.