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Rickmers Maritime Trust's Q3 profit jumps 59%Rickmers Maritime Trust's Q3 profit jumps 59%

Rickmers Maritime Trust saw a boost to its bottomline in the third quarter as net profit rose strongly over the same period of last year.

Lee Hong Liang, Asia Correspondent

October 23, 2013

1 Min Read
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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.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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