Latest Forum Topics / RickmersMaritime | Post Reply |
Container ships charterer with 170+ years history
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commando
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22-Mar-2010 21:47
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any idea what's the NAV? | ||||
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grandmaster89
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22-Mar-2010 21:31
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The auditors only audit the FY results at the end of the financial year. Hence they must have been working with the Directors and CFO throughout Feb auditing the company. They only do so once a year. During the course of the audit, they must point out any causes of concern which will affect Rickmers as a whole. In this case, any incoming debts can only be paid off through a fire-sale of its vessels which will be valued below book value. This is why the auditors have to voice out that in such a scenario the balance sheet wouldn't be accurate. Its been many months since this problems came to light and they started to retain their earnings yet they have not managed to refinance it...somehow I doubt they will. I expect the price to plunge near term - good opportunity to take a contrarian view if you have the guts IMO.
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commando
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22-Mar-2010 21:06
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Ya lor....everybody knew about it wat. That's why the form a financial committee to look into this matter. Why after 3 months the audior announce this? Why after the dpu received? so many why......forcing ppl to sell then announce re-finance? really don't know.....has been holding vy long....will the parent company help? | ||||
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grandmaster89
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22-Mar-2010 20:59
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The company has around US$100 million cash and it does generate positive free cash flow quarterly. But where is it going to find US$1 billion to repay its capital commitments and debts within the next 12 months ? But this isn't something new - everybody knew about it. :(
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commando
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22-Mar-2010 20:55
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the company still got $ right? every quarter earn profit....give dpu......hope the company can annonce soemthing this week to quell the report. | ||||
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commando
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22-Mar-2010 20:50
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really that bad???????...siao liao I got 100lots!!!!!! | ||||
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pharoah88
Supreme |
22-Mar-2010 18:35
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this is the cOrrEct thrEad for RICKMERS MARITIME
Extract of Note 2.2 referred to in the Auditor’s Report: Going concern The ability of the Group and the Trust to continue as going concerns as at the date of the financial statements is dependent on: (i) the successful outcome of the refinancing of the Trust’s US$130.00 million facility (“Top Up Facility”) of which the entire outstanding amount of US$128.70 million falls due on 30 April 2010; (ii) the Group’s compliance with all its existing loan covenants. However, the continuing economic downturn has resulted in a perceived drop in the value of container vessels. This may cause the Group to breach minimum asset value to loan covenants; and (iii) the successful outcome in negotiating an agreement on its liabilities in relation to four contracted 13,100 TEU containerships with a committed amount of US$711.73 million and three contracted 4,250 TEU containerships with a committed amount of US$207.00 million, all of which are due within 12 months from 31 December 2009 (“contracted containerships”)*. The Group also has contingent liabilities with respect to the unfulfilled capital commitments (Note 21). The Trustee-Manager is presently in discussions with its lending banks to permit the Trust to extend the repayment date for the outstanding amount of US$128.70 million under the Top Up Facility and amend the loan covenants relating to the bank borrowings. The Trustee-Manager believes that the financing issue will be resolved and hence considers it appropriate to adopt the going concern basis. In addition, the Group’s container vessels are leased out on long-term, fixed-rate charters which are valued higher than the current charter-free vessels. There is no universal method of valuation and all valuations obtained under the current economic condition are subject to various assumptions which have not been agreed upon unanimously by all parties especially shipowners, ship financiers, brokers and valuers. The appropriateness of the going concern assumption on which the financial statements are prepared is dependent on the continued support from the Group’s banks, related parties and the Group’s ability to generate sufficient cash from its operations to meet its obligations as and when they fall due. If these are not forthcoming, the Group and the Trust may be unable to continue in operational existence in the foreseeable future and adjustments would have to be made to reflect a situation where the assets may need to be realised other than in the normal course of business and at amounts which could differ significantly from the amounts stated in the statements of financial position of the Group and of the Trust. In addition, the Group and the Trust may have to provide for further liabilities which may arise, and to classify the non-current assets and non-current liabilities as current assets and current liabilities respectively. The financial statements do not include the adjustments that would result if the Group and the Trust were unable to continue as going concerns. * As at 31 December 2009, the Group’s unfulfilled capital commitments was US$138.0 million and the existing capital commitment was US$780.7 million.
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june_snowy
Member |
22-Mar-2010 18:15
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Aiyoyo... I bought 20 lots @ 0.58 now cut loss... Sob sob ...... So heart pain... 3.5k Gone into the sea.. Pong........ |
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Hulumas
Supreme |
22-Mar-2010 18:07
Yells: "INVEST but not TRADE please!" |
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Okay, I start profit taking. Thank you.
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soyabean
Member |
22-Mar-2010 18:01
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time to cut loss | ||||
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Zelphon
Senior |
22-Mar-2010 17:57
Yells: "Hauttttttttt AHhhhhhhh !!!" |
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Better sell while you can.. PWC mentioned in latest findings that Rickmers may have problem keeping the Trust afloat.. http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_01A65C8F34A62AEF482576EE0033F9DD/$file/Disclaimer_of_Opinion.pdf?openelement |
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commando
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15-Mar-2010 13:07
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Some buying up......something brewing? | ||||
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grandmaster89
Veteran |
14-Mar-2010 23:37
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1) Debt maturing in April 2010 - US$139.8 million Cash in Bank - US$110.7 million Quarterly Operating Cash-Flow - US$18.4 million If there is no refinancing, I would expect zero distribution in 1Q 10 to unitholders in order to repay the debt fully. 2) There are also problems with their order book since they have yet to fully finance it yet. They have yet to pay US$40 million deposit for the 4 X 13,100 TEU vessels 3) They have yet to receive the 3 X 4250 TEU vessels due to the lack of financing. The vessels are current ware-housed by Rickmers Group. 4) They have yet to secure a charter for the recently delivered Kaethe Rickmers vessel after it was terminated by Maersk in Feb 2010. This will drain their income in subsequent quarters.
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commando
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14-Mar-2010 22:48
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the company has accumulate quite a sum of money since the cut in dpu. economic is improving and the ship renting is quite stable. vested | ||||
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chinton86
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14-Mar-2010 19:00
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OCBC securities gives bearish outlook | ||||
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grandmaster89
Veteran |
14-Mar-2010 17:41
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Well said. Personally I rather invest in a company capable of surviving a bout of bad luck than a company that requires a stroke of good fortune to survive hehe !!!
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elysian
Member |
14-Mar-2010 17:13
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When investing your hard earned money, don't be fooled into wishful thinking - such assumptions can and will lead to painful lessons - did the BB have prior knowledge that Rickmers would cut their DPU by 76% last August? No! - the BBs joined in the flock, together with the retail investors, to dump their Rickmers stocks - the price collapsed from 56cts to 40cts within a couple of days. Both retailers and BBs were oblivious and were caught offguard. The current rise in price for Rickmers is probably due to speculators who are taking a bet that Rickmers will sort out their finances within the next nmonth or so - they are willing to lose the bet - question is , are you?? If you are, then go ahead and accumulate the stock, which to me personally, defies both existing facts and logic.
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grandmaster89
Veteran |
14-Mar-2010 17:05
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With most of the shipping trust trading at similar yields, I daresay FSL or PST (though its income might fall after renegotiation with CSAV) would be a better bet. My 2 cents and not vested in any of the 3. | ||||
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obt590
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14-Mar-2010 16:47
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What I want to say is ' Nothing Should Not Be Nobody Know ' . The BB knew , only we don't know .Since this counter still can stable , I suppose that they had aleady in agreement with refinancing but still don't want to announce ,Just only my view . | ||||
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grandmaster89
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14-Mar-2010 14:31
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One more month till Rickmers US$130 million Facility matures...still no news on refinancing. If they can't pay how, must sell ships ? | ||||
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