Rickmers' Cash Flow Steady, But Profits Down in 2012

Press Release
Friday, March 01, 2013

Rickmers Trust Management's Rickmers Maritime reports 4Q and full year financial report for 2012.

Highlights:

  • Steady operating cash flow for the year at US$109.2 million
  • High operational efficiency for 4Q2012 and FY2012 with 99.8% and 98.9% fleet utilisation rate respectively
  • Kaethe C. Rickmers’ charter extended with MSC until September 2013
  • Distribution per unit of 0.60 US cents to be paid on 28 March 2013


 Charter revenue in 4Q2012 remained steady at US$36.3 million (4Q2011 at US$37.8 million). The slight decrease of US$1.5 million was due mainly to the lower daily charter rate of the vessel, Kaethe C. Rickmers. On a full year basis, revenue declined by 3% from US$149.5 million in FY2011 to US$144.3 million in FY2012.

Vessel operating expenses increased from US$8.4 million in 4Q2011 to US$8.8 million in 4Q2012 due to a contractual increase in fixed operating expenses and the vessel management fee that took effect from 1 January 2012, as well as higher lubricant oil prices, additional insurance, anti-piracy related expenses and fuel consumed during unscheduled off-hire.

An annual review on the entire fleet for impairment resulted in a provision for vessel impairment of US$4.5 million on Kaethe C. Rickmers and goodwill impairment of US$2.1 million on three wholly owned subsidiary companies.

As a result of the marginal decline in charter revenue, increase in operating expenses and one-off non-cash impairment charges to vessel values, the Trust’s net profit after tax decreased from US$11.3 million in 4Q2011 to US$2.2 million in 4Q2012.

On a full year basis, the Trust’s profit for 2012 was US$27.6 million, which is US$12.7 million lower than the profit recorded in the previous financial year.

Industry outlook:
For 2013, containership capacity growth is forecasted at 6.6%1 while global trade growth is projected to reach 6.1%1. However with a significant number of ships to be delivered in the next twelve months, and demand unlikely to absorb over-supply in 2013, no material increases in time charter rates and vessel values are expected in the short term.

The Chief Executive Officer of RTM, Mr Thomas Preben Hansen commented, “Improved industry fundamentals coupled with a possible stabilisation of the world’s major economies, may pave the way for a brighter future for container shipping. However, liner companies will have to delicately manage their tonnage supply and maintain strict freight rate discipline, if the industry is to continue its recovery in 2013.

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Antwerp Port CEO Scoops Baron Title

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium

SENER Presents Two FORAN Papers at the Morintekh

In June, the SENER engineering and technology group participated in the 17th Morintekh – Praktik 2016 Scientific Conference, in the city of St. Petersburg, Russia.

Finance

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

Container Ships

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

Trieste Terminal Selects N4 TOS

Navis has announced a new N4 terminal operating system (TOS) licensing agreement with Italian terminal, Trieste Marine Terminal (TMT). TMT selected the Navis TOS

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Shipbuilding / Vessel Construction Sonar 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: 0.1032 sec (10 req/sec)