Rickmers Trust Management, the trustee-manager of Mainboard-listed Rickmers Maritime says charter revenue for the second quarter and first half ended 30 June 2011 (2Q2011) was US$37.57 million ($45.37 million), an increase of 3% over the corresponding quarter in 2010.
The increase was mainly attributable to Kaethe C. Rickmers contracting a higher net charter rate of US$23,888 per day as of 25 March 2011, compared to the rate of US$8,288 in 2Q2010.
Rickmers says it will pay a distribution per unit of 0.60 US cents on 23 August 2011, up 5% y-o-y.
The trust generated cash flow from operating activities amounting to US$27.75 million, compared with US$28.12 million in the same period last year. Cash flow available for distribution (before payment to debt capital providers) slipped 4% from US$27.51 million in 2Q2010 to US$26.47 million this quarter, mainly attributable to movements in working capital and dry-dock reserves required to meet future dry-dock obligations.
Net profit surged from US$0.61 million in 2Q2010 to US$8.55 million in 2Q2011 due to a write- back of vessel impairment of US$2.85 million as Kaethe C. Rickmers started operating at a higher net charter rate as well as a 28% reduction in finance expenses in the absence of a one-time US$5.36 million loan restructuring fee in 2Q2010. During the quarter, the trust accounted for an impairment of goodwill charge of US$4.10 million, allocated to a subsidiary due to an increase in the weighted average cost of capital as a result of changes in certain market base parameters.
Rickmers says it continued to deleverage its balance sheet for this quarter by paring down its outstanding bank loans of US$670.96 million at the end of 2010 to US$647.11 million as at 30 June 2011. At 30 June 2011, the trust’s cash balance stood at US$50.32 million.
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