Rickmers – BT

Rickmers Maritime posts US$2.8m net profit

RICKMERS Maritime – Singapore’s third shipping trust which was listed in May this year – posted net profit of US$2.8 million for its first financial period from March 30 to June 30.

Rickmers, managed by Rickmers Trust Management, was constituted on March 30 and acquired its initial fleet of five containerships on May 3. Its first operating period is therefore essentially May 4 (when it was listed) to June 30.

The shipping trust reported revenue of US$7.3 million and announced a distribution of 1.364 US cents per unit, in line with projections, for the period.

The aim of the trust is to provide its unit holders with regular quarterly cash distributions through revenue generated by long-term fixed rate time charters of its fleet of container vessels. The current fleet comprised six containerships with four more to be delivered in the coming months.

Rickmers generated US$5.9 million of available cash from operating activities, about 12 per cent higher than the initial public offering forecast.

Rickmers expects to benefit from the continuing strength of the containership market. It pointed to increases being recorded in newbuilding prices as well as second-hand values and charter rates.

The availability of charter free containerships, especially in the sizes exceeding 3,500 TEU, has been significantly reduced with only a limited number of ships coming onto the market over the next 12-18 months, the trust said.

‘The momentum in the market has been fuelled by continuous strong trade growth figures reported in the westbound Far East- Europe trade, which has somewhat compensated for the more moderate growth figures reported on the Transpacific trade,’ it said.

The first shipping trust – Pacific Shipping Trust – made its debut in May last year, followed by First Ship Lease Trust and Rickmers Maritime.