Bruce Barnard, Special Correspondent | Apr 24, 2012 9:47AM EDT
Rickmers Maritime reported first quarter net profit fell 12 percent from a year ago to $8.24 million as the Singapore-listed trust’s revenue stalled at $35.7 million.
The trust, which charters out container ships for the Hamburg-based Rickmers group, repaid $13.3 million of debt in the quarter, further paring down bank debt to $608.6 million.
The cash balance stood at $52.4 million at the end of the quarter, representing a gearing level of 62 percent.
“Charter revenue has performed well on the back of the long-term leases attached to our fleet,” said CEO Thomas Preben Hansen.
The trust’s 16 container ships, with capacities between 3,450 and 5,080 20-foot equivalent units, are all ensured employment through 2012. The fleet has an average remaining fixed charter period of 3.9 years with an average net daily time charter rate of almost $25,000 per vessel.
Contact Bruce Barnard at brucebarnard47@hotmail.com.