Quarterly charter revenue dropped 4 percent from $37.79 million in 2011 to $36.28 million in 2012. The decrease of $1.5 million was primarily driven by the lower daily charter rate of the vessel Kaethe C. Rickmers, the Singapore business trust said in a release.
Vessel operating expenses increased from $8.4 million in the fourth quarter of 2011 to $8.8 million in the fourth quarter of 2012.
During the fourth quarter, there were 13.8 days of scheduled off-hire for dry-docking and 3.5 days for unscheduled off-hire because of unforeseen repairs. For the full year, there were 60.3 days of scheduled off-hire for dry-docking and 37.6 days of unscheduled off-hire for unforeseen repairs.
For the full year of 2012, net income was $27.62 million, falling 32 percent from $40.33 million in 2011. Annual charter revenue decreased 3 percent from $149.47 million in 2011 to $144.29 million in 2012.
The company, which is affiliated to the Hamburg-based Rickmers Group, paid down $52 million of debt in 2012, reducing its outstanding secured bank loans to $569.9 million and lowering its gearing to 59 percent, the lowest since 2008.
The trust said its fleet of 16 container ships is 100 percent chartered out on fixed-rate time charters with an average remaining charter period of 3.2 years and a current average daily charter rate of $25,300 per vessel.
For 2013, container ship capacity is predicted to increase by 6.6 percent, while global trade is expected to rise 6.1 percent.
“Barring any unforeseen circumstances, we believe our leases will continue to generate stable and on-going cash flows,” said Thomas Preben Hansen, CEO of Rickmers Trust Management, the trustee manager of Rickmers Maritime, in a written statement.