Pacific Shipping Trust (PST), Singapore’s first publicly-listed business trust, says it achieved a DPU of 0.809 US cents for the first quarter ended March 31, 2011 (1Q FY2011), which represents an annualised yield of 8.7% and is 2% higher when compared to 1Q FY2010.
Gross revenue in 1Q FY2011 from PST’s existing fleet of 12 vessels was US$15.2 million ($18.9 million), with a net profit after tax of US$6.9 million. This 4% increase in net profit after tax over the comparable period in 1Q FY2010 is mainly due to lower interest cost and no off-hire days for vessel repairs in this quarter.
PST says its gross revenue and profitability will increase with the delivery of the two 180,000 DWT Capesize Bulk Carriers, tentatively scheduled for September 2011, which will be on 10-year time charters to Shagang.
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