Singapore-listed shipping trust Rickmers Trust Management has generated higher net profit and marginally increase its distribution per unit (DPU) in the first quarter of this year. Net profit for the quarter surged to $9.33m from $5.43m in the same period last year, lifted by unrealised gains on cash flow hedges from four interest rate swaps, Seatrade-asia reports.
The year-on-year increase was also assisted by lower vessel operating expenses and other trust expenses, the trust announced Monday. Charter revenue, however, dipped 3% to $35.86m due to smaller contribution from Kaethe C. Rickmers, which was earning a daily net charter rate of $8,288 in the period up to 24 March 2011. The trust has raised the amount to be distributed to unitholders to $2.54m for the first quarter from $2.41m distributed in the same period last year. This translates to a distribution of $0.60 per unit in the first quarter, which is the same amount distributed for the fourth quarter of last year.
“Our fleet of modern container vessels is fully employed through 2011 and has remaining committed revenue of about $725m over the coming eight years,” said Thomas Preban Hansen, ceo of Rickmers. The trust's operating fleet currently comprises 16 containerships ranging between 3,450 teu and 5,060 teu in size. The fleet has an average remaining fixed rate charter period of 4.8 years. The average net daily time charter rate is $25,750 per vessel.
The year-on-year increase was also assisted by lower vessel operating expenses and other trust expenses, the trust announced Monday. Charter revenue, however, dipped 3% to $35.86m due to smaller contribution from Kaethe C. Rickmers, which was earning a daily net charter rate of $8,288 in the period up to 24 March 2011. The trust has raised the amount to be distributed to unitholders to $2.54m for the first quarter from $2.41m distributed in the same period last year. This translates to a distribution of $0.60 per unit in the first quarter, which is the same amount distributed for the fourth quarter of last year.
“Our fleet of modern container vessels is fully employed through 2011 and has remaining committed revenue of about $725m over the coming eight years,” said Thomas Preban Hansen, ceo of Rickmers. The trust's operating fleet currently comprises 16 containerships ranging between 3,450 teu and 5,060 teu in size. The fleet has an average remaining fixed rate charter period of 4.8 years. The average net daily time charter rate is $25,750 per vessel.