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 May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Duke Energy to Help Develop Jeffersonville Port Site

Duke Energy Indiana has selected a 140-acre parcel of land inside the Port of Indiana-Jeffersonville in Clark County for the utility's 2015 Site Readiness Program.

UNOLS Seeks Nominations for Council Positions

The University-National Oceanographic Laboratory System (UNOLS) is an organization of academic oceanographic institutions working in cooperation with agencies of the U.

Savannah Harbor Expansion Project Update

Lt. Gen. Thomas Bostick, commander of the U.S. Army Corps of Engineers, visited the Port of Savannah on Thursday, for an update on the Savannah Harbor Expansion Project (SHEP).

Finance

Lifting of US Crude Oil Export Ban Possible within Year

The U.S. Congress could lift the 40-year old ban on domestic crude oil exports within a year as a drop in gasoline prices and the potential return of Iranian

U.S.: Stronger Response in South China Sea Needed

By releasing video of Beijing's island reclamation work and considering more assertive maritime actions, the United States is signaling a tougher stance over the

Aramco Offers Rare 1.5 pct Gasoil Cargo

Aramco Trading, the trading arm of oil producer Saudi Aramco, has offered a rare gasoil cargo with a 1.5 percent sulphur content for June lifting from Rabigh, traders said on Thursday.

Container Ships

Chevron Hires Viking Princess

Eidesvik Offshore has signed a contract for 19 months with Chevron UK employment for one platform supply vessel (PSV) Viking Princess.    The vessel will be

Wärtsilä Bags BWM Systems Order from Jinhai Shipyard

Wärtsilä Corporation, has received an order for ballast water management systems (BWMS) for three new container ships being built for a major European shipping

CMA-CGM to Call Port of Baltimore

International container shipping company CMA-CGM of France announced that it will begin service within the next couple of weeks to the Helen Delich Bentley Port of Baltimore.

 
 
Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.1807 sec (6 req/sec)