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

People & Company News

ThyssenKrupp Says Submarines Part of Growth Story

Germany's Thyssenkrupp sees its submarine business as making an important contribution to its growth targets, the head of its Industrial Solutions business area said on Tuesday.

Two Newbuilds Delivered to Star Bulk

Star Bulk Carriers Corp. took delivery on February 27 of M/V Honey Badger (ex HN NE 164) and M/V Wolverine (ex HN NE 165), two 61,000 dwt Ultramax bulk carriers

Brazil Truck Strike Diminishes

Some truck drivers in Brazil continued blocking roads on Tuesday, slowing grains deliveries to southern ports, even as adherence to the strike diminished and a

Finance

Shipping Industry Faces Shake Up

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate

Gulf of Mexico Oil Production on the Rise

Because of the long timelines associated with Gulf of Mexico (GOM) projects, the recent downturn in oil prices is expected to have minimal direct impact on GOM crude oil production through 2016.

Vessel Sales: February 2015

Vessel sales for February 2015  - (as of March 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built -  - (Age)

Container Ships

Shipping Industry Faces Shake Up

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate

Vessel Sales: February 2015

Vessel sales for February 2015  - (as of March 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built -  - (Age)

Ferguson Appoints Partner OPS-OES

Ferguson Group Singapore, a specialist in the provision of DNV 2.7-1 / EN12079 offshore containers, reefers, tanks, waste skips, baskets, accommodation and engineering

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Offshore Oil Pipelines Pod Propulsion Salvage Ship Simulators 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: 0.6005 sec (2 req/sec)