First Ship Lease Trust (FSL) has returned to profit for the second quarter despite bringing in less revenue.
The Singapore-listed owner posted net income of $719,000 versus net loss of $21.8m a year ago.
The Roger Woods-led company saw its operating figures turn positive for the quarter to $2.91m from a $19.6m loss during the same period last year.
FSL said revenue declined 20% to $16.7m,
