Rickmers Maritime in Red
Rickmers Trust Management (Rickmers Maritime) suffered a loss of USD15.7 million for the second quarter ended 30 June 2015 from a profit of USD16 million in 2Q14.
Rickmers Maritime recorded a net loss after tax of US$15.7 million in 2Q2015, compared to a net profit of US$16.0 million in 2Q2014, due mainly to the non-cash recognition of a US$2.8 million goodwill impairment, and US$16.8 million provision for vessel impairment as market charter rates are still below historical averages.
As a result of these impairments, Rickmers Maritime registered a net loss of US$8.6 million in 1H2015. Excluding the impact of the impairments totalling US$19.6 million, the Trust would have been profitable in both 2Q2015 and 1H2015, with net profit of US$4.0 million and US$11.0 million respectively.
It has reported charter revenue of US$28.5 million for 2Q2015, 10% below the US$31.5 million in the second quarter of 2014, due mainly to lower market charter rates of four vessels following the expiry of their long-term charters which were secured in 2007 at higher rates.
In 2Q2015, Rickmers Maritime’s fleet of 16 containerships performed well and enjoyed a very high fleet utilisation rate of 99.8%, higher than the 98.8% in 1Q2015.
The Trust successfully extended ANL Warrain’s charter with CMA CGM for four to six months, which has commenced on 4 July 2015 at net daily charter rate of US$13,027.
The Trustee-Manager is in discussion with its lenders to extend the VTL covenant waiver which will expire on 31 December 2015.
Soeren Andersen, Chief Executive Officer of RTM, commented, “Rickmers Maritime performed well during the second quarter with very high utilization. Since April, we have successfully secured employment into 2016 for four vessels. The industry seems to be on the path to recovery with market charter rates improving over the first half of 2015. The recovery in the charter market is lifting vessel market values."
