Sold all First Lease Shipping Trust @ $0.66
I have sold off the 2 shipping trusts over the past few days. FSL has announced that it will cut quarterly DPU to US$0.015. It is apparent that the trust has to start seeking for money somewhere to fund its acquisitions. Rickers may have a bigger credit issue on hand due to its aggressive expansion plan and the lack of funds.
As the share prices have doubled from my average costs, I just took some profits and look for other opportunities. The rising share prices coupled with shrinking DPUs make the investments less appalling.
Stay tuned for my next move....
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