Rickmers Maritime Trust reported first quarter earnings declined 51 percent from a year ago. Net income shrunk to $5.4 million in the first three months of 2010 from $11 million a year earlier on higher expenses and $5.3 million of unrealized losses on two interest rate swaps.
Revenue grew 14 percent to $37.2 million from $32.5 million, reflecting the contribution of three additions to its fleet, which now totals 16 ships.
The Singapore-listed container charter shipowner canceled orders for seven ships worth over $900 million last week as it agreed to a financial restructuring with its creditors and its major investor, Germany's Rickmers Group, which has a 33.1 percent stake. (See story.)
"Barring any unforeseen circumstances, we believe our existing long term leases will continue to assist us in weathering the near-term challenges," the company said in an earnings statement.
"Our current focus is to finalize documentation and seek necessary approvals to conclude our various agreements with our creditors."
All 16 of Rickmers Maritime Trust's ships are fully employed through 2010.
Fifteen vessels are on long term charters to France's CMA CGM, Mitsui OSK Lines of Japan, South Korea's Hanjin Shipping and Italia Maritima, a unit of Taiwan's Evergreen.
The 16th ship has been chartered to Chile's CSAV for 12 months with an option for an additional year.
Revenue grew 14 percent to $37.2 million from $32.5 million, reflecting the contribution of three additions to its fleet, which now totals 16 ships.
The Singapore-listed container charter shipowner canceled orders for seven ships worth over $900 million last week as it agreed to a financial restructuring with its creditors and its major investor, Germany's Rickmers Group, which has a 33.1 percent stake. (See story.)
"Barring any unforeseen circumstances, we believe our existing long term leases will continue to assist us in weathering the near-term challenges," the company said in an earnings statement.
"Our current focus is to finalize documentation and seek necessary approvals to conclude our various agreements with our creditors."
All 16 of Rickmers Maritime Trust's ships are fully employed through 2010.
Fifteen vessels are on long term charters to France's CMA CGM, Mitsui OSK Lines of Japan, South Korea's Hanjin Shipping and Italia Maritima, a unit of Taiwan's Evergreen.
The 16th ship has been chartered to Chile's CSAV for 12 months with an option for an additional year.