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

People & Company News

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

Finance

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

Container Ships

CMA CGM Acquires 7,000 Reefer Containers

The CMA CGM Group announced it has acquired more than 7,000 of last generation 40’ High Cube Reefer containers including 6,000 low consumption engines. The CMA

'New Tango' Brings More Post-Panamax Ships to Charleston

New service expands Port of Charleston's capacity to serve North-South trade The SC Ports Authority today received the first ship call of a new consolidated

Video: E-Class Edith Mærsk on the Thames

The largest ship ever to enter the Thames arrived at DP World London Gateway, the U.K.’s new deepwater container port. The 397-meter-long, 56-meter-wide Edith Mærsk

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction 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: 0.1939 sec (5 req/sec)