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.”


 


People & Company News

MN100: Pacific Power Group

The Company: Established in 1958, Pacific Power Group has been a trusted partner for the marine power needs of the Western U.S. for more than 50 years. PPG provides

3sun CEO Chairs Offshore Wind SIG

3sun Group, specialist provider of products and services to the global energy industry, is reinforcing its ongoing commitment to the offshore wind industry with

Hanjin Shipping to File for Court Receivership

South Korea’s biggest container shipping line Hanjin Shipping Co has decided to apply for court receivership after lenders halted all support, says a report in Bloomberg.

Finance

Hyundai Merchant Marine to buy Hanjin's 'Good' Assets

South Korea's financial regulator said on Wednesday that Hyundai Merchant Marine Co Ltd will seek to acquire healthy assets of troubled shipper Hanjin Shipping Co Ltd.

APM Terminals to invest $70 mln in Port Elizabeth Terminal

The Port of New York and New Jersey is the largest port on the US East Coast and third largest in the United States with 6.37 million TEU handled in 2015.  In 2014,

Hanjin files for Receivership, Ports Turn Away Vessels

Hanjin says asks court for its assets to be frozen; Hyundai Merchant looking to buy Hanjin's "good" assets. South Korea's Hanjin Shipping Co Ltd filed for court

Container Ships

Hyundai Merchant Marine to buy Hanjin's 'Good' Assets

South Korea's financial regulator said on Wednesday that Hyundai Merchant Marine Co Ltd will seek to acquire healthy assets of troubled shipper Hanjin Shipping Co Ltd.

APM Terminals to invest $70 mln in Port Elizabeth Terminal

The Port of New York and New Jersey is the largest port on the US East Coast and third largest in the United States with 6.37 million TEU handled in 2015.  In 2014,

Hanjin files for Receivership, Ports Turn Away Vessels

Hanjin says asks court for its assets to be frozen; Hyundai Merchant looking to buy Hanjin's "good" assets. South Korea's Hanjin Shipping Co Ltd filed for court

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Winch
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: 0.0991 sec (10 req/sec)