Rickmers Maritime, which owns a fleet of containerships on charter, noted there is still a significant number of new boxships, mostly in excess of 10,000 teu, scheduled for delivery over the next 12 months. As such, demand is unlikely to absorb the prevailing oversupply within the near term.
Trade growth is projected to reach 6% in 2014, compared to an estimated 5% growth in 2013. While uncertainty in the global economy remains, there are signs that a recovery in the shipping industry could being this year, the shipping trust said.
Singapore-listed Rickmers Maritime, meanwhile, reported a 15% year-on-year fall in full year profit to $23.48m in 2013 compared to $27.62m in 2012, due to a $20.8m non-cash impairment charge.
Charter revenue for the year remained stable at $143.49m. As at 31 December 2013, Rickmers Maritime owns a fleet of 16 containerships fully chartered out on fixed-rate time charters.
“We will continue the process of strengthening our balance sheet, and positioning ourselves to take advantage of opportunities in the market when they arise,” said Thomas Preben Hansen, ceo of Rickmers Trust Management, the trustee-manager of Rickmers Maritime.
The shipping trust has maintained a distribution per unit (DPU) of 0.60 US cents in the fourth quarter, consistent with previous quarters, bringing the total DPU in 2013 to 2.40 US cents.
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