Pacific Shipping Trust (PST) managed to record a small 2% rise in net profit in the second-quarter, prompting the trust to award a similar 2% increase in distribution for the quarter. Profit after tax for the quarter ended 30 June rose to $6.8m compared to $6.6m in the previous corresponding period, PST announced on Wednesday. Revenue from the trust's existing fleet of 12 containerships improved by 1% to $15.4m in the quarter. The distribution of $0.809 will translate to an annualised yield of 8.9%.
The Singapore-listed shipping trust is expected to record higher gross earnings upon the delivery of two 180,000 dwt capesize bulk carriers in September this year. The capesizes will be on 10-year charter to China-based Jiangsu Shagang Group, generating income of approximately $196m from the charter period. PST has a further five supramaxes and two multi-purpose vessels under construction, scheduled for delivery between the third-quarter of 2012 and the second-quarter of 2013. The total contracted revenue from all the new vessels amounted to about $750m until 2023.
The Singapore-listed shipping trust is expected to record higher gross earnings upon the delivery of two 180,000 dwt capesize bulk carriers in September this year. The capesizes will be on 10-year charter to China-based Jiangsu Shagang Group, generating income of approximately $196m from the charter period. PST has a further five supramaxes and two multi-purpose vessels under construction, scheduled for delivery between the third-quarter of 2012 and the second-quarter of 2013. The total contracted revenue from all the new vessels amounted to about $750m until 2023.