Rickers Maritime Trust has raised the amount to be distributed to unitholders, to US$2.54 million ($3.17 million) for 1Q2011 from US$2.41 million distributed in the same period last year.
This translates to a distribution of 0.6 US cents per unit for 1Q2011, which is the same amount distributed for 4Q2010. The declared distribution will be paid to unitholders on 23 May 2011.
Charter revenue for 1Q2011 remained comparatively stable, registering a slight 3% dip to US$35.86 million from US$37.16 million in the same period last year. Correspondingly, the Trust generated cash flow from operating activities amounting to US$25.70 million, compared with US$27.64 million in the same period last year. The dip in revenue and operating cash flow was due to smaller contribution from Kaethe C. Rickmers, which was earning a daily net charter rate of US$8,288 in the period up to 24 March 2011. Since 25 March 2011, the daily net charter rate of Kaethe C. Rickmers had been increased to US$23,888 which would contribute positively to the performance of the trust in the following quarters.
Cash flow available for distribution (before payment to debt capital providers) slipped 8% to US$24.94 million, attributable to movement in working capital and dry-dock reserves to meet future dry-dock obligations.
Net profit surged to US$9.33 million from US$5.43 million in the same period last year, lifted by unrealised gains on cash flow hedges from four interest rate swaps. The year-on-year increase was also assisted by lower vessel operating expenses and other trust expenses, including professional fees that were incurred during negotiations of the Trust’s debt refinancing last year.
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