A Container Ship Owner Who Got 2012 Right

Press Release
Friday, April 05, 2013
Chairman & CFO: Image courtesy of Rickmers Maritime

"As we close the 2012 books, we have every reason to be satisfied with the Trust’s positive results," says Rickmers chairman.

Extracts from chairman, Bertram R.C. Rickmers's letter to shareholders in the recently released 2012 financial report:

The Trust delivered a satisfying set of financial results in the year ended 31 December 2012, with the following highlights:
- Sustained profitability with net profit of US$27.6 million
- Reliable cash flows from operating activities of US$109.2 million - Repayment of US$52.0 million of secured bank loans
- High fleet utilisation rate of 98.9%

The business performed well operationally, with all sixteen [container] vessels generating strong revenues. Rickmers Maritime, being specifically structured around long-term fixed-rate time charter contracts, is largely insulated from the renewed pressure on time charter rates.

The challenges to our industry are by no means over. Container shipping, reliant as it is on consumer demand, cannot avoid being impacted by the economic slowdown of the developed world. However, with many of the macro economic issues finally being dealt with in a more constructive manner, a possible return to economic stability may be expected in the year to come.

Our steady performance has led to an increased confidence in Rickmers Maritime which was reflected in our rising unit price over the past year.

We are only as strong as our counterparties. Fortunately, our counterparties comprise five of the world’s leading container liner companies. Their performances in 2012 were considerably better than 2011 and this strength lowered our counterparty risk and improved our certainty of earnings.

The Trust recorded revenues of US$144.3 million for the year, with only one vessel, Kaethe C. Rickmers, momentarily exposed to the depressed charter market at the time of concluding her charter to Mediterranean Shipping Company (MSC).

Despite that, the Trust enjoyed an average daily charter hire of around US$25,000 per vessel, and an average remaining charter period of 3.2 years as of 31 December 2012.


 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Ardmore Shipping Secures Newbuilding Finance

Ardmore Shipping Corporation says it has signed agreements to upsize its existing senior loan facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB ("SEB").

Gulf Island Fab Sign Bechtel Offshore Cooperation Agreement

Gulf Island Fabrication, Inc. says it has signed a cooperative agreement with Bechtel Oil, Gas, and Chemicals, Inc. to work together to pursue opportunities for offshore projects for the U.

Crowley Christens New DP2 Tugboat 'Ocean Sky'

Crowley Maritime Corp. says that the third of four tugboats in the Ocean-class series, 'Ocean Sky' has been christend  in Houston.  The ceremony served to formally

Finance

Ardmore Shipping Secures Newbuilding Finance

Ardmore Shipping Corporation says it has signed agreements to upsize its existing senior loan facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB ("SEB").

UK Chancellor Mentions Hi-Tech Tax Breaks on Bibby Offshore Visit

Bibby Offshore, subsea services provider to the oil & gas industry, says it has hosted a visit by George Osborne, Chancellor of the Exchequer, to the Company’s workshop,

DoD Awards Ingalls 'USS Ronald Reagan' Contract Modification

U.S. Department of Defense (DoD) informs that Huntington Ingalls Inc., Newport News, Virginia, is being awarded a US$13,759,894 modification to previously awarded cost-plus-award-fee,

Container Ships

Samudra Containership Rationalisation Hits Revenues

Diversified Singapore-based containership owners Samudra Group reports registered revenue of USD 96.9 million for the second quarter ended 30 June 2014, a 7.6% decline from USD 104.

MES Gets First Order for ME-GI Marine Engine

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) has received the first order of electronically controlled gas injection diesel engine (ME-GI) for MES. MAN B&W 8S70ME-C8.

London, Brazil Terminals Boost DP World Container Volumes

DP World , one of the world's biggest port operators, said on Thursday that its gross container volumes rose 10.7 percent from a year earlier in the first half of 2014.

 
 
Maritime Contracts Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1511 sec (7 req/sec)