First Ship Lease Trust (D8DU.SG) is off 3.3% at 44.5 cents on risk to near-term revenue as one of vessel owner’s ships, Verona I, seized in Japan by Singapore-based Daxin Petroleum for not paying for bunker supplied by Daxin, according to Dow Jones.

Vessel had been leased to affiliate of Groda Shipping & Transportation until recently, with Groda abruptly calling off chartering agreement due to difficult operating conditions.

“It is not clear if FSLT will be able to seek compensation from Groda for the revenue lost from the disruption of vessel operations and any subsequent payments to Daxin,” says OCBC; reviewing Hold call, $0.48 target.

Despite price weakness, light volume suggests news could already have been priced in given last month’s 25.6% fall on Groda’s announcement. Immediate support at 52-week low of 42.5 cents.