PST – BT

Pacific Shipping Trust DPU for Q2 up 2%

Trust’s distributable income also inched up 2% at US$4.8m

PACIFIC Shipping Trust (PST) declared a distribution per unit (DPU) of 0.809 US cent for its second quarter, a 2 per cent increase year on year.

The DPU translates to an annualised yield of 8.9 per cent for the quarter ended June 30, 2011, up from 8.8 per cent from the same period the year before.

The shipping trust’s distributable income also inched up 2 per cent, from US$4.7 million to US$4.8 million.

Gross revenue from its existing fleet of 12 container ships grew by one per cent, from US$15.1 million to US$15.4 million for the quarter. During the same period, net profit grew 2 per cent to US$6.8 million.

The trust’s first-quarter performance mirrored that of its second quarters. For the first half of 2011, distributable income rose 2 per cent to US$9.5 million on the back of gross revenue that was flat at US$30.5 million. Its DPU for the first two quarters of the year stood at 1.618 US cents, a 2 per cent increase year on year, with an annualised distribution yield of 8.9 per cent.

Net profit for the half-year gained 3 per cent to US$13.7 million.

PST’s trustee-manager, PST Management (PSTM), attributed the growth in revenue to fewer off-hire days in for its time-chartered vessels, CSAV Laja and CSAV Lauca.

It will also take delivery of two 180,000 deadweight tonne capesize bulk carriers in September, which it says will boost gross revenue and net profit.

The capesizes, which will be on a 10-year time charter to China’s Jiangsu Shagang Group Co Ltd, will bring in US$196 million, the trustee-manager said.

The trust also has five supramax bulk carriers scheduled for delivery from October 2012 to April 2013. Lim Sim Keat, the chief executive officer of PSTM, remained confident of the vessels’ charter prospects despite the downturn being experienced by the dry bulk sector, as time charters have already been lined up for the vessels.

‘Our five supramaxes will be on on eight-to-10-year charters with the logistics arm of Hyundai Motor Group,’ said Mr Lim.

Another two multipurpose vessels – one slated for delivery in September 2012 and the other in December 2012, will be on 10-year charters to Cosco Xiamen, he added.