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Container ships charterer with 170+ years history
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Alligator
Veteran |
24-Apr-2009 14:10
Yells: "learning from past " |
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Results of 1Q just release, DPU is equal to the base USD0.214 HIGHLIGHTS • Strong start to the financial year with 61% increase in Cash Flow from Operating Activities and 60% increase in Income Available for Distribution over previous year • Healthy gains in revenue and net profits • Base Distribution of 2.14 US cents per Unit to be paid to unitholders Singapore, 24 April 2009 – Rickmers Trust Management Pte. Ltd. (RTM), Trustee- Manager of Mainboard-listed Rickmers Maritime (Trust), today announced the financial performance of the Trust for the quarter ended 31 March 2009 (1Q2009), reflecting a strong quarter that saw record quarterly revenue and profit figures. Financial and Operating Review Charter revenue for the quarter rose 46% to US$32.54 million, compared to the same period last year. The revenue growth was attributable to the increase in its operating fleet from 10 to 15 vessels between April 2008 and March 2009. During the 12 months, the Trust accepted delivery of five 4,250 TEU containerships, each chartered to leading Japanese shipping company Mitsui O.S.K. Lines Ltd. on a 10-year fixed-rate charter. Cash flow from operating activities rose 61% to US$27.18 million, from US$16.93 million in the same period last year, on the back of higher charter income, lower-than-expected lubrication oil expenses and smooth operation of its fleet. Income available for distribution similarly improved 60% to US$19.57 million. Vessel utilisation rate of the operating fleet remained high at 99.8%, supported by smooth operations and high quality ship management services, which resulted in few off-hire days. In line with its revenue growth, Rickmers Maritime recorded a net profit of US$11.04 million for 1Q2009, up 32% from 1Q2008. This is the Trust’s highest quarterly profit recorded since its listing in May 2007. Mr Thomas Preben Hansen, CEO of Rickmers Trust Management said, “Despite the global downturn and a weak shipping market, Rickmers Maritime has kept its momentum of progress and has turned in another strong set of financial results for 1Q2009. Our strategy of securing long-term employment with reputable liner companies for all our ships is working to the Trust’s advantage. Our revenue stream and cash flows have not only remained stable but increased in line with our growing fleet. None of our charter rates has been re-negotiated and we have no outstanding charter hire.” Distribution per Unit The Board of Directors (Board) has reviewed Rickmers Maritime’s distribution policy for 1Q2009 and decided to make a base distribution of 2.14 US cents per Unit, taking into account the Trust’s strong performance despite current challenging conditions. Mr Quah Ban Huat, CFO of RTM, said, “The distribution of 2.14 US cents per Unit translates into a payout ratio of 46% of our income available for distribution for 1Q2009. This prudent distribution payout level is in recognition of the difficult and uncertain environment that we are operating in. Cash conservation will enhance our financial flexibility and strengthen our balance sheet.” Outlook for FY2009 The shipping industry continues to be hampered by the worsening performance of the global economy. The decline in Asian exports continues to impact the container industry negatively and over-capacity has a persistent downward pressure on freight rates and charter rates. Mr Hansen said, “The current situation in the shipping industry is not rosy. However, we remain strong believers of the long-term fundamentals of container shipping, and expect continuing world trade, coupled with a gradual recovery of the global economy, to inevitably fuel demand for container transportation and over time absorb the current oversupply of tonnage. In addition, with a number of sizeable government stimulus packages having been launched with the aim to boost bank lending and consumer confidence, the container industry is hopeful that a foundation for the restoration of cargo volumes and freight rates has been laid.” End |
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tajixu
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16-Apr-2009 07:47
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Why is this ship still not moving? | |||||||||||||||||||||||||||||
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ksloi1
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13-Apr-2009 22:00
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The yield for Rickmer is more than 40% at this price. Worth investing. I have been accumulating this stock...The policy of giving unit holder at minimum USD 0.0214 looks sustainable as their fleets are leased at 7 to 10 years period. They keep a certain percentage of profits for future growth.... Just need to spread awareness to the retail investors for them to understand Shipping Trust. It is a new game in SGX whereby many are not familiar with this new class of asset. Just like REIT when they started out in early 2000 (not sure if it is 2001 or 2002). In the US, it has been hovering around 12 to 17% of yield .... Here , it is approx 40% .... More stable compared to the other two Shipping Trusts as their fleets are leased to renowned shipping companies, default risk is minimised ... |
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freeme
Elite |
13-Apr-2009 16:26
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Ic ic.. also yield more than 30% with current price.. good also if can maintain this level of DPU la.. FSL is only giving quarterly DPU guidances. Coming May will be 2.45ctsUS
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Alligator
Veteran |
13-Apr-2009 15:27
Yells: "learning from past " |
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Not only for FY2009 leh... , that is for long long time ... Their ships are chartered for long time (7-10years) with fixed rate so their income is more secured. read for yourself, FAQ section on item 3, .i copy here for ease of reading 3) Distributions a) What is the Trust's distribution policy? The Trust has adopted a distribution policy to make a regular quarterly distribution of US$0.0214 per unit, which is referred to as the "base distribution", while reinvesting a portion of the operating cash flow in its business. The distribution policy reflects the judgment by the trustee-manager that by retaining a portion of the cash flow for reinvestment in the business, the Trust will be able to provide better value to its unitholders by enhancing the longer-term distribution capacity. It is the goal of the Trust to grow the distribution through accretive acquisitions. The quarterly distribution per unit has been increased from US$0.0214 to US$0.0225 from 2nd Quarter 2008 onwards. |
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freeme
Elite |
13-Apr-2009 15:22
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based distribution of 0.214? They give guidance for the whole of 2009 ar?
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Alligator
Veteran |
13-Apr-2009 15:14
Yells: "learning from past " |
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freeme, thanks for your recommendation, i shall study FSL. One attraction for Rickmers is its policy of distribution at "base distribution" of 0.214 US dollar per quarter. |
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freeme
Elite |
13-Apr-2009 14:22
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Rickmer at this price looks good.. Maybe you can look at FSL as well. Given their current price at q1 DPU, it yield more than 30% p.a |
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Alligator
Veteran |
13-Apr-2009 13:06
Yells: "learning from past " |
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This trust was whacked down by one big investor, making its last year's DPU ( or yield) to such a high level....and become worthwhile to consider for investing. i copy from their website stock information below... Quotes Delayed 20 Minutes
Updated: 13 Apr 2009 12:40
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koolsice
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26-Feb-2009 14:43
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Wow..Rickmers is at its lowest point ever.. Might want to consider increasing the number of lots I'm holding... | |||||||||||||||||||||||||||||
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hsbhsb
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10-Nov-2008 11:37
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rickmers Q3 results were assuring. strong and growing cashflow in next 12 months - www.nextinsight.com.sg  directors above buying too. |
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SupremeA
Veteran |
01-Nov-2008 10:54
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overall shipping biz is down. look at NOL. But for now they may still be able to post profits. May end next Q, just like NOL again |
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ShareJunky
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01-Nov-2008 10:31
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Today's Business Times has a report on Rickmers - "Q3 revenue doubles, profit up 15%." CEO allayed concerns about container line market. In view of slowing global trade in the coming years shouldn't overall shipping biz slow down too? Any comments from experts on maritime shipping trade? |
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yipyip
Master |
06-May-2008 23:55
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TP $1.22 (from ocbc) http://www.ocbcresearch.com/Article.aspx?type=research&id=20080506103353_84462 |
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metalx
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11-Apr-2008 17:19
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Good yield, long term ship rental contracts, recently just re-secured their loans/credit facilities. |
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178investors
Veteran |
08-Apr-2008 13:11
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at current price... yield about 13% (FY2008 earnings) ... exclude the 25% retained earnings which will fuel future acquisitions... more sustainable for long term unitholders. dont miss the boat... at bargain price $1.08 |
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178investors
Veteran |
07-Apr-2008 14:57
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Quick quick.... buy leow.... cheong woh... | |||||||||||||||||||||||||||||
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koolsice
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19-Mar-2008 19:24
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178investors
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23-Feb-2008 23:51
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Another high yielder recommended Buy UOBKH. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Wednesday, February 20, 2008Rickmers - UOBKH4Q07 Distributions in line with management guidance Rickmers Maritime (RMT) announced net profit of US$20.6m for FY07. This was 25% higher than what we had forecasted due mainly to higher negative goodwill on business combination and amortization of unfavourable charter rates (US$9.148m vs. US$6.116m) than what we had provided for. Bear in mind that these two items are accounting items and non-cash items and have no impact on distributable cash. Charter income for the period was about 1.2% higher than our forecasts mainly due to early delivery of two vessels in Dec 2007. Distributable Cash Per Unit higher on early vessel deliveries. Distributable Cash Per Unit (DCPU) for the period came in at 6.5 US cents about 2% higher than what we had forecasted. This can be attributable to slightly higher charter income due to the early delivery of two vessels in December 2007. Distribution Per Unit (DPU) announced for FY07 was 5.64 US cents, in line with management?s guidance, but slightly lower than our expectations of 5.77 US cents as management has retained a larger portion for future acquisitions. For 4Q07, DPU paid will be 2.14 US cents and will be paid out on 27 March 2008. RMT units will trade ex-Distribution on 12 March 2008. Maintain BUY: Target price unchanged at US$1.19 (S$1.68). We believe that the sell down in RMT?s shares is unjustified given the defensive nature of the earnings and distributions, due to its vessels being chartered out on long term fixed timecharters, with an average duration of nine years. Furthermore, RMT focuses on only the top liner companies in the world and its customers include Maersk Lines, CMA CGM, Italia Marittima, Hanjin Shipping and Mitsuit O.S.K. Lines. The shipping trusts in the US have rebounded following the fall in global equities in Nov 07 and are currently trading at distributions yields of about 6.0 to 6.5%. RMT is currently trading at an attractive distribution yield of 12.2%. We reiterate our BUY recommendation on RMT, with a target price of US$1.19 (S$1.68). |
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178investors
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21-Feb-2008 15:07
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There is something stirring here.... watch out for some interesting corporate actions soon... from brokerage houses. |
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