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Container ships charterer with 170+ years history

Alligator
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21-Aug-2009 10:41

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Yells: "learning from past "

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seems to read somewhere on auditor comment.. sound scary..

soloman ( Date: 21-Aug-2009 10:39) Posted:

THIS ONE COULD GO UNDER .........

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soloman
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21-Aug-2009 10:39

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THIS ONE COULD GO UNDER .........

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freeme
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21-Aug-2009 10:01

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Yea.. very disappointed.. months of profit gone in 1 single day.

Alligator ( Date: 21-Aug-2009 09:52) Posted:

this TRUST has lost the trust of small investors.

wonder how BIG investors, fund manager think and act with all those news

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Alligator
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21-Aug-2009 09:52

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Yells: "learning from past "

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this TRUST has lost the trust of small investors.

wonder how BIG investors, fund manager think and act with all those news

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freeme
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21-Aug-2009 09:47

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Crashing down.. heng i unloaded all even at loses..

nickyng ( Date: 21-Aug-2009 09:28) Posted:

nothg is too cheap...41cts coming soon... :D hmm...FSL looks quite steady siah ! :D

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nickyng
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21-Aug-2009 09:28

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nothg is too cheap...41cts coming soon... :D hmm...FSL looks quite steady siah ! :D

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matthewsoh
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21-Aug-2009 09:28

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yield doesnt need to be comparable .. the % yield was meant to be 8% per year but beocs of crashed price , all become like 20 -30% already .. that is why

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christan
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21-Aug-2009 08:25

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to double the yield to be comparable to peers, it share price got to be half, so 22 cents or below

Zelphon ( Date: 21-Aug-2009 07:26) Posted:

$0.30 is too cheap??

I dun think so..

From http://reitdata.blogspot.com/,

Latest price of RMT @ $0.435, dividend yield = 8% pa

PST = 16%

FSL = 15%

Ppl buy Shipping Trust for dividends..

Same goes for REITS..

Why would anyone wanna buy RMT when its peers offers better yield and no massive debt refinancing incoming?

It will slowly sink down to $0.30..

As for rights issue, looking at latest trend, company issue rights when the price has risen to some level..

RMT just SINKED a lot !!!!

Rights issue will depress it further...

matthewsoh ( Date: 21-Aug-2009 00:11) Posted:

0.30 is a crashing price if it really goes down. But that is way too cheap for rickmer. Refinancing can be easily solved by issuing rights issue . Can someone tell them ? haha ...... I will write them an email soon on this , give them suggestion haha ..

$0.4 is a base point i feel. I am not withdrawing but also not buying ...

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Zelphon
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21-Aug-2009 07:26

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Yells: "Hauttttttttt AHhhhhhhh !!!"

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$0.30 is too cheap??

I dun think so..

From http://reitdata.blogspot.com/,

Latest price of RMT @ $0.435, dividend yield = 8% pa

PST = 16%

FSL = 15%

Ppl buy Shipping Trust for dividends..

Same goes for REITS..

Why would anyone wanna buy RMT when its peers offers better yield and no massive debt refinancing incoming?

It will slowly sink down to $0.30..

As for rights issue, looking at latest trend, company issue rights when the price has risen to some level..

RMT just SINKED a lot !!!!

Rights issue will depress it further...

matthewsoh ( Date: 21-Aug-2009 00:11) Posted:

$0.4 is a base point i feel. I am not withdrawing but also not buying ...

Zelphon ( Date: 20-Aug-2009 22:23) Posted:

Dun worry..

It will go down till around $0.30 so that it's dividends yield is comparable to PST and FSL..

Just wait patiently...

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matthewsoh
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21-Aug-2009 00:11

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$0.4 is a base point i feel. I am not withdrawing but also not buying ...

Zelphon ( Date: 20-Aug-2009 22:23) Posted:

Dun worry..

It will go down till around $0.30 so that it's dividends yield is comparable to PST and FSL..

Just wait patiently...

dealer0168 ( Date: 20-Aug-2009 18:37) Posted:

Below 0.30, emm is a attractive consideration. Agreed , n i will should pump in lots of lots into it if it happen.

Cheers.

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mortal_azazel
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20-Aug-2009 22:49

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woa ... brave man ... what px you bought and sold?

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fruitty
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20-Aug-2009 22:42

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I sold all my Rickmers this morning. Too much uncertainty ahead and I don't want to stay in this waiting game.

Mangement is disappointing and as an investor, I don't feel that company is looking after my interest.

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mortal_azazel
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20-Aug-2009 22:37

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Sad ... i loaded some at 0.46 and seems like goin to have big loss on this ship ....

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Zelphon
Senior

20-Aug-2009 22:23

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Dun worry..

It will go down till around $0.30 so that it's dividends yield is comparable to PST and FSL..

Just wait patiently...

dealer0168 ( Date: 20-Aug-2009 18:37) Posted:

Below 0.30, emm is a attractive consideration. Agreed , n i will should pump in lots of lots into it if it happen.

Cheers.

MsAloevera ( Date: 20-Aug-2009 16:57) Posted:

Not another dime...cent...penny into rickmers....

Not even if it drop below 0.35...

Next time would pick a more conservative stock to INVEST.

Think rickmers too aggressive..

Then again, if it's below 30cents, then I might even care to consider..

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dealer0168
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20-Aug-2009 21:51

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Published August 20, 2009

Rickmers confounds investors on DPU

By VINCENT WEE

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THE difference between distributable income and distribution per unit (DPU) became sharply obvious to investors when Rickmers Maritime Trust (RMT) became the last of the three SGX-listed shipping trusts to release second-quarter results at the end of last week.

RMT said back in May that it expected to see an increase in distributable income in Q2 due to the delivery of new vessels. It delivered on that, posting a 42 per cent rise in distributable income to US$19.6 million. Charter revenue and cash flow from operating activities both rose 59 per cent and 56 per cent respectively to US$37.6 million and US$28.7 million from the second quarter the year before.

However, the rub lies in the actual returns to unitholders in the form of distribution per unit - DPU plunged 73 per cent to just 0.6 of a US cent. Like the other two trusts reporting before it, RMT cited conserving cash as a reason for the cut. It also chose to use the results briefing to highlight some major challenges facing the trust's management, while declining to give a DPU forecast for the coming quarters. In the process, RMT has positioned itself as the shipping trust with the most negative outlook.

Investors naturally reacted negatively on Monday, selling down the trust, which lost over 20 per cent to close at 46.5 cents from 58.5 cents on Friday.

To be fair, the issues that management flagged are not new. The refinancing of RMT's US$130 million top-up loan facility maturing in April 2010 and unsecured funding for its four 13,100 TEU ships, due for delivery in the latter part of 2010 have been hanging over it for most of the year, as has the question of value-to-loan (VTL) covenants and the need to negotiate a waiver on them.

Analysts have also turned bearish on RMT. Maintaining its 'sell' call on RMT, Citigroup's Rigan Wong said DPU was lower than consensus expectations of 1.5 US cents and went on to add that: 'We believe RMT's share price may de-rate, given the low Q209 DPU payout and lack of dividend guidance.'

The question that needs to be asked is why did they choose to reiterate them at this particular juncture. One answer might be that the prognosis has gotten worse and management feels investors should be further warned of the risks. 'PwC highlighted the 'existence of a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern', noting that RMT's US$130 million loan maturing in April 2010 has yet to be refinanced and that it is also in talks with banks on its VTL covenants,' said Mr Wong.

The other possibility is that in depressing the unit price, it helps make the yield look a little better. The 5.9 per cent annualised yield at last Friday's closing is far below the average 15 per cent yields the other two are producing, but with yesterday's closing price of 45 cents, it goes up to 7.7 per cent. As the unit price drops, the yield picture might start to look better going forward because, barring some pretty drastic restructuring moves, the future looks very grim indeed for RMT. Barring questions of whether one buys business trusts for capital gains or dividend yields, this may well be the only bright spot ahead.

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dealer0168
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20-Aug-2009 18:37

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Below 0.30, emm is a attractive consideration. Agreed , n i will should pump in lots of lots into it if it happen.

Cheers.

MsAloevera ( Date: 20-Aug-2009 16:57) Posted:

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MsAloevera
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20-Aug-2009 17:12

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Lol, nothing is for sure.. even after jaya dropped by half... ultimately it did regain back some equity gains..

Yes, the key word is to survive w/o collasping... until that is certain, will not average down, it's ok for me to miss the boat, rather than lose all the capital completely.

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MikeL2009
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20-Aug-2009 17:08

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Pray tell, what's the possibility of Rickmers going under? Are their woes worst than Jaya's? As long as they can hold till the eye of the storm passes without collapsing, then I think it should be alright. Rights issue will address the refinancing issue in one sweep.

I might load more at 30s level. What goes down, must rocket up, right?LOL

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MsAloevera
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20-Aug-2009 16:57

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MikeL2009
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20-Aug-2009 16:37

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How is Rickmers' business different from ASL Marine? How come ASL is doing better in terms of stock price and revenue. I think this counter will continue to languish till the refinancing issue is resolved, and I don't expect rights issue anytime soon as the advisors that they have appointed will need time to think through the issue. Meanwhile, I am thinking if it would be wise for me to load more, as you never know if it could even go below 40cts?

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