Struggling FSL Trust has confirmed Roger Woods steps up from COO to take the vacant CEO role at the Singapore firm.
Woods has been at FSL since 2013 and been in the acting CEO role since Alan Hatton sensationally quit in February. Prior jobs include stints at FR8 and Tamoil Shipping.
FSL Trust managed to eek out a $3.4m net profit in the first quarter this year.
“[A]lthough shipping markets across all sectors will remain under pressure in the near term, our careful management of the charter book continues to provide some insulation for the trust from current market volatility,” Woods said in a statement yesterday.
Navios Maritime Holdings has in recent days come to the rescue of FSL Trust, taking 24.23% of the issued units in the trust. Navios has also committed to extend a $20m second priority mortgage convertible loan to the trust.