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 October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Permanent Magnet Technology for Maritime Propulsion

Multipurpose vessels, especially those that operate primarily at part loads, have been facing pressure when it comes to making money in today’s business environment.

Industry Professionals to Speak at ShipConstructor Conference

The speakers representing various companies at next week's SSI Americas ShipConstructor User Conference, October 7-9, 2014 in Mobile, Alabama, demonstrate SSI's

NY Harbor Supply & Distribution Fall Reception/Buffet

More than 600 attendees are expected at the 52nd annual New York Harbor Supply & Distribution Fall Reception/Buffet for the energy and energy related industries

Finance

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

Container Ships

MOL Restructures Asia to S. Africa Service

Mitsui O.S.K. Lines, Ltd. (MOL) announced the restructuring of its existing Asia to South Africa liner services into two direct loops. One service will call South China,

Report on MOL Comfort Incident is out

In response to the casualty of “MOL COMFORT” which occurred on 17 June 2013, ClassNK established the Investigative Panel on Large Container Ship Safety, comprised

DMR Examines Container Terminal Congestion Issues

Container port congestion has been hitting the headlines recently, but the reasons for it vary widely and in many cases it is only a short term issue. Certain world

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Salvage Ship Repair 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: 0.1938 sec (5 req/sec)