The shipping trust posted a third quarter profit of $13.09m, a jump of 59% from $8.23m in the corresponding period of last year.
Revenue generated from a fleet of 16 containerships held steady at $36.6m during the quarter compared to $36.32m a year earlier.
Rickmers Maritime attributed the increase in profit mainly to the significant reduction in finance expenses as a result of accelerated repayment of bank borrowings as well as expiry of four interest rate swap contracts.
The company maintained a distribution per unit (DPU) of 0.6 US cents in the quarter ended 30 September 2013, unchanged from a year ago. However, the DPU in the first nine months of this year was cut to 1.5 US cents compared to 1.8 US cents a year ago.
Rickmers Maritime said its fleet is 100% employed for the remaining period of 2013 and 83% employed in 2014.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
