Container Ship Owners Rickmers Q3 2013 Profits Up

MarineLink.com
Tuesday, October 22, 2013
Kaethe C. Rickmers: Photo courtesy Port of Hamburg

Rickmers Maritime is a Singapore business trust formed to own and operate containerships under long-term, fixed-rate time charters to leading container liner companies. Financial highlights for the third quarter and nine months ended 30 September 2013 are as follows:

  • Charter revenue stable at US$36.6 million
  • Net profit surged 59% year-on-year to US$13.1 million
  • Achieved vessel utilisation rate of 99.9%; Kaethe C. Rickmers’ charter extended for a
  • further six months
  • Distribution per unit of 0.6 US cent to be paid on 27 November 2013

Fleet Operations
Rickmers Maritime achieved an outstanding vessel utilisation rate of 99.9% in 3Q2013. Its fleet of 16 containerships is fully chartered out, all of which are on fixed-rate time charters with an average remaining charter period of 2.5 years. Moreover, the vessel Kaethe C. Rickmers’ charter to Mediterranean Shipping Company S.A. was extended during the quarter by a further six months, from 25 September 2013 to 24 March 20141.

Through existing charter agreements, the Trust has US$372.1 million of secured revenue between 1 October 2013 and the expiry of the last charter party contract in 2019. Rickmers Maritime’s fleet is fully employed in 2013 and, at this point, 83% employed in 2014. With the majority of the Trust’s fleet employed till 2015, the existing leases will continue to generate ongoing positive cash flow, barring any unforeseen circumstances.

CEO comments
Mr Thomas Preben Hansen, the Chief Executive Officer of RTM, commented, “Given hopes of an expected beginning of recovery in the container shipping industry next year, we will continue strengthening our balance sheet, positioning us to capitalise on growth opportunities as and when they arise. Until then, we remain in a resilient position, with our defensive fixed-rate charter agreements providing us with stable and positive cash flows.”


 

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

People & Company News

Diamond Offshore Shares on the Rise

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a better-than-expected quarterly profit as it cut drilling costs and hiked prices,

Italian Pleads Guilty to Marine-hose Price-fixing in US

A former executive of Parker ITR Srl pleaded guilty on Thursday to conspiring to rig bids for marine hose and was sentenced to two years in prison, the U.S. Justice Department said on Thursday.

Ecochlor Raises $10m for BWT Maket

Ecochlor, Inc. announced that it has completed a $10 million equity financing to support its growth into the burgeoning ballast water treatment market. Since its formation in 2001,

Finance

Diamond Offshore Shares on the Rise

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a better-than-expected quarterly profit as it cut drilling costs and hiked prices,

Ecochlor Raises $10m for BWT Maket

Ecochlor, Inc. announced that it has completed a $10 million equity financing to support its growth into the burgeoning ballast water treatment market. Since its formation in 2001,

Offshore O&G: Cuts, Delays in Norway as Costs Soar

More oil and gas projects in Norway could be put on hold because of rising costs, adding to a growing list of developments that have been delayed or called off,

Container Ships

UASC Introduces New Asia - Europe Network

UASC has introduced its new Asia – Europe Network with three new services (AEC1, AEC3, AEC4), and two enhanced services (AEC8, AEC9). These services will broaden

Global Shipping Exposed to Cyber Threats

The next hacker playground: the open seas - and the oil tankers and container vessels that ship 90 percent of the goods moved around the planet. In this internet age,

Shippers Vapores, Hapag-Lloyd Merger

A significant majority of shareholders in Chilean shipper Compania SudAmericana de Vapores lent their support to the firm's merger with Germany's Hapag-Lloyd,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators 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: 0.4943 sec (2 req/sec)