Bruce Barnard | Feb 08, 2010 9:18AM EST
Rickmers Maritime Trust, the Singapore-based containership owner, reported fourth quarter net income more than doubled from a year ago as it continued refinancing negotiations with its banks.
Net income in the three months to Dec. 31 rose to $15.25 million from $7.18 million in the same period in 2008 and charter revenue increased 29 percent to $38.1 million from $29.6 million.
For the full year, charter income rose 43 percent to $146.3 million from $102.1 million, reflecting the contribution of three new container vessels, while net profit was 18 percent higher at $40.7 million.
The company said it is still in discussion with banks over its value-to-loan covenants, the refinancing of a $130 million top-up loan facility maturing in April 2010 and the financing of its order book.
Rickmers, an offshoot of the Hamburg-based Rickmers group, said it has exchanged numerous proposals with its creditors but “due to the complexity of the matter and differing views between the Trust and its various stakeholders, none of these proposals have thus far been accepted.”
Until it reaches an agreement with its bankers, the company will be unable to take delivery from the Rickmers Group of three remaining ships of 4,250 20-foot equivalent unit capacity, which have begun charters with South Korea’s Hanjin Shipping.
Rickmers Maritime owns 16 containerships, of which 15 are on long-term charters to France’s CMA CGM, Japanese carrier Mitsui OSK Lines, Hanjin Shipping and Italia Maritima, a subsidiary of Evergreen of Taiwan.