Containership owner-charterer Rickmers Maritime Trust said Monday that its net profit in the second quarter surged by 1,302 percent year-over-year to $8.55 million, while its revenue increased 3 percent within the same period.
The Singapore-based company said the strong increase in net profit was because the company dry docked a ship for repairs and incurred a one-time restructuring fee of $5.36 million in second quarter 2010.
With a vessel-utilization rate of 99.9 percent, the company’s charter revenue increased to $37.57 million in the quarter, compared to $36.4 million a year ago.
The increase was mainly because the vessel Kaethe C. Rickmers was contracted out at a higher net charter rate of $23,888 per day as of March 25, compared to the rate of $8,288 a year ago, when the ship was impaired for part of the quarter.
The company said its fleet of 16 containerships of sizes between 3,450 to 5,060 20-foot equivalent units is all fully chartered out throughout 2011 at an average daily time charter rate of $25,750 per vessel.
Rickmers Maritime said it continued to pare down its outstanding bank loans of $670.96 million at the end of 2010 to $647.11 million as of June 30, 2011.