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PST gives higher distribution on lower profits

PST gives higher distribution on lower profits

Singapore: Singapore-listed business trust Pacific Shipping Trust (PST) has achieved higher yield on its distribution per unit (DPU) for 2010 but profits fell. PST posted DPU of 0.809 US cents for the fourth quarter ended 31 December 2010, putting the aggregate distribution for the whole year at 3.227 US cents, representing a yield of 8.7%. The shipping trust recorded gross revenue of $15.3m in the last quarter and $61.3m in 2010. Profit after tax, however, dipped both quarter-on-quarter and year-on-year. Fourth quarter profit stood at $6.573m compared to $7.133m in Q4 2009, while full year profit for 2010 was $27.09m compared to $27.4m for 2009. "PST's gross revenue will increase, from September 2011 when the 10-year time charters to Shagang for the two 180,000 dwt capesize bulk carriers come on stream," said Teo Choo Wee, acting ceo of PST Management. "This will rise further in third quarter 2012 as the 10-year time charters to Cosco Xiamen for two 24,000 dwt multi-purpose vessels come on stream," he said. PST has a further eight- and 10-year time charters of five 57,000 dwt supramax bulk carriers to Glovis from fourth quarter 2012. Teo added that current daily charterhire rate of $168,700 from PST's existing 12 vessels will increase by 96% to $330,750 when all 21 vessels are in operation by first quarter 2013. PST has secured financial commitments for a total of $150m from three banks for funding its acquisition of the two capesize bulk carriers chartered to Shagang and the two multi-purpose vessels chartered to Cosco Xiamen. [20/01/11]

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