Rickmers – BT

Rickmers' Q1 DPU stays flat at 0.6 US cent

Shipping trust posts profit of US$8.2m, down 12% year on year from US$9.3m

RICKMERS Maritime reported distribution per unit (DPU) of 0.6 of a US cent for the first quarter ended March 31, 2012, that was unchanged from the year-ago period.

The shipping trust turned in "stable" quarterly results, said its trustee-manager Rickmers Trust Management (RTM).

Charter revenue of US$35.7 million was almost flat from last year's US$35.9 million. Net profit was US$8.2 million, down 12 per cent year on year from US$9.3 million.

Cash flow from operating activities dipped 3 per cent to US$24.9 million from US$25.7 million in the year-earlier period because of scheduled dry docking for its ships and 29 off-hire days for the container ship Kaethe C. Rickmers when it was in between employment contracts.