First Ship Lease Trust

First Ship Lease provided ship-leasing services on both short and long-term charters on its then-diversified portfolio of 25 vessels. The Trust was in breach of its loan covenants on its USD 425 million secured loan facilities. Tim Reid, was appointed as a director of First Ship Lease and over a four-year period, he oversaw a significant deleveraging of the Trust, resulting in the Trust having a debt of USD 132 million when Tim resigned. This deleveraging was achieved notwithstanding very difficult trading conditions in the global shipping market during this period when many shipping companies failed. The Trust was subsequently refinanced and distributions to Unit Holders have resumed.