“The majority of our fleet remains fully employed until end 2013, with the exception of Kaethe C. Rickmers which is due for redelivery later this month. In view of the weak charter market, there is a risk that she may not immediately secure new employment upon expiry of her current charter,” Rickmers Maritime said.
The trust added that the shipping industry is under renewed pressure on earnings and asset values in view of the volatility and uncertainty of the global economy.
Despite challenging conditions, Rickmers rose to the black in 2011 after a net loss in 2010. The company posted full year net profit of $40.33m as against net loss of $28.55m in 2010. Charter revenue rose 2% year-on-year to $149.47m.
The distribution per unit (DPU) for the full year 2011 increased to 2.40 US cents compared to 2.31 US cents in 2010. DPU for the fourth quarter of 2011 remained stable at 0.60 US cents, the same level as a year ago, with an annualised distribution yield of approximately 9.7%.
At present, Rickmers Maritime's fleet comprises 16 containerships, with sizes ranging between 3.450-5,060 teu. All vessels were fully employed throughout 2011 at an average daily time charter rate of $25,750 per vessel.
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