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Hanjin-RTM sign seven-year contract for new containerships

Seoul: Hanjin Shipping has signed a contract with Rickmers Trust Management (RTM), the trustee-manager of Rickmers Maritime, for four 4,250teu containerships at a daily rate of $25,950 for a period of seven years. The Seoul-based shipping company also has the option to extend the charter period for an additional three years for $27,950 per day.

Thomas Preben Hansen, RTM ceo said, "Hanjin Shipping is the largest Korean container liner shipping company and we are proud to have them as our partner. With this acquisition in place, we will boast a more diversified network of liner companies that we collaborate closely with."

The vessels, currently under construction at China's Yangzijiang Shipbuilding for Polaris Shipmanagement, are scheduled for delivery between February and December 2009. RTM has signed a memorandum of understanding to purchase the vessels from Polaris at a cost of $69m each. As Yangzijiang will follow the design specifications of Rickmers Maritime's current 4,250teu vessel fleet, each ship will be 260mtr in length, 32.25mtr in breadth and will have a cargo carrying capacity of 50,000 metric tonnes

Quah Ban Huat, RTM cfo said, "Each of the new vessels is expected to contribute approximately $9m in revenue and $7m in EBITDA 3 per annum in its initial years, which should lead to an increase in distributable cash flow once the vessels are delivered and operating."

The decision to purchase the new vessels comes on the heels of the trust's recent acquisition of four 13,100teu container vessels. The eight newbuilds will boost Rickmers Maritime's current total contracted fleet capacity by 170% from 40,910teu to 110,310teu.  [13/09/07]

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