Both Rickmers Maritime and FSL Trust, as listed shipping trusts on the Singapore Exchange, have encountered rough waters in a prolonged sectorial downturn. Moore Stephens, the auditors of FSL Trust, had flagged going concern issues, highlighting the trust's full-year net loss of US$31 million and the fact that its current liabilities exceeded current assets by US$179.4 million. Rickmers announced a winding-up petition after failing to secure support from noteholders and senior lenders to restructure its outstanding notes and bank debts.