Back

Latest Forum Topics / PacShipTr US$

Post Reply

PST Post Reply Rate topic
pharoah88 Supreme	07-Jan-2010 14:40        pharoah88 About Contact  Quote this Post!
x 0   x 0  Alert Admin	NOL is on its way to Recovery. PST should recover even faster as all the ships have renewed charter contracts till 2018........
Useful To Me  Not Useful To Me
daphnecsf Senior	03-Nov-2009 23:55        daphnecsf About Contact  Quote this Post!
x 0   x 0  Alert Admin	Pac Ship Trust----3 mths ended Sep 2009Net Profit (S$M) $9.74 %Change 59.5
Useful To Me  Not Useful To Me
tradersgx Veteran	01-Nov-2009 23:16        tradersgx About Contact  Quote this Post! Style: Combined
x 0   x 0  Alert Admin	Pacific Shipping Trust Oct 26 close: US$0.275 OCBC INVESTMENT RESEARCH, Oct 26 PACIFIC Shipping Trust (PST) posted a 39 per cent y-o-y increase in gross revenue to US$15.6 million and a 30 per cent y-o-y increase in distributed income to US$4.8 million. The gains were due to contributions from the two CSAV vessels acquired in 2008. On a q-o-q basis, revenue rose 1.1 per cent and distributed income fell 17.4 per cent. The trust will pay out 0.818 US cents per unit to investors. This is equivalent to 70 per cent of income available for distribution (Q2: 88 per cent) or 43 per cent of cash earnings (Q2: 48 per cent). PST outperformed our estimates for the quarter as we had already priced in rate concessions to charterer CSAV. But these discussions, which began in April, are still ongoing. The board did not give any forward guidance for Q4 distribution per unit. The manager said it was not customary for PST to provide guidance, and last quarter's guidance for Q3 was only given because of the sudden drop in payout from 90 per cent to 70 per cent. PST is describing the increased retention as a move to 'equip (it) with the financial flexibility to seize value-accretive opportunities' in the next 12 to 18 months. Potential targets include the offshore or chemical tanker asset class. At the briefing, the manager said the board will continue to review the necessity to retain cash based on market conditions and available opportunities. Our take on these actions is a little different: the shipping sector is still in fairly rough shape, and negotiations with CSAV continue. The increased retention, in our view, is PST's attempt to build up a defensive war chest in case a negative outcome results. In fact, we don't believe PST is in any position to consider acquisitions until it can resolve the CSAV issue. We had previously assumed a 30 per cent rate cut on the two CSAV vessels in effect from Q3 2009. We are now stripping out this assumption in view of the uncertain quantum and timing of any rate concession. This does not mean we believe any action is less likely or less significant - if PST agrees to a renegotiation, it could open the floodgates. Its other charterer, sponsor Pacific International Lines, would be justified in also asking for concessions. We now price in the renegotiation risk in our valuation: valuing PST at a 30 per cent discount to our discounted free cash flow to equity value for the trust (previously 20 per cent). We also assume the 70 per cent payout level continues. Maintain 'hold' with revised US$0.26 fair value (from US$0.27). HOLD
Useful To Me  Not Useful To Me
Pinnacle Master	28-Nov-2007 09:05        Pinnacle About Contact  Quote this Post!
x 0   x 0  Alert Admin	Pacific Shipping Trust (?PST?), Singapore?s first publicly-listed business trust, said it has agreed to buy two new 1800 TEU ships from its sponsor, Pacific International Lines (?PIL?), for US$86 million. The vessels costing US$43 million each, will be bareboat chartered back to PIL for eight years at a rate of US$11,550 per day, per vessel. They are expected to raise PST?s total contracted revenue by 15.7% to about US$61.9 million. The memoranda of agreements for the purchase of the vessels were signed on Tuesday between PST and Tranpac Holdings Inc. Panama, a wholly-owned subsidiary of PIL. At the same time, the charter agreements were also signed with PIL. The vessels will be acquired under a Right of First Refusal agreement signed between PIL & PST at the time of the IPO. The agreement gives PST Management, the Trustee Manager of PST, the right to tap into the pipeline of new vessels being built by PIL, the 19th largest container ship operator in the world.
Useful To Me  Not Useful To Me
Pinnacle Master	23-Oct-2007 09:08        Pinnacle About Contact  Quote this Post!
x 0   x 0  Alert Admin	Pacific Shipping Trust announced it would distribute US$3.67 million to unitholders for the third quarter ended September 30, 2007. This is an increase of 4% over the corresponding 3rd quarter of 2006. Distribution per unit (DPU) amounted to 1.09 cents which is 1% above the 1.08 cents projected at its IPO in May 2006. Based on the IPO price of US$0.45 per unit, the distribution (YTD) amounted to an annualised yield of 9.5% while on the closing price of US$0.44 at October 22, it is 9.7%. Net profit after tax for Q3 2007 was US$589,000 compared to US$31,000 in the previous corresponding period due to decrease in fair value losses in interest rate swaps which has no impact on the distributable income. The Q3 2007 net profit was 83% lower than the IPO projection as the latter assumed no change in the fair value of the swaps.
Useful To Me  Not Useful To Me
Pinnacle Master	22-Oct-2007 21:06        Pinnacle About Contact  Quote this Post!
x 0   x 0  Alert Admin	October 22, 2007 ? PST Management (PSTM), trustee-manager of Pacific Shipping Trust (PST), today announced it would distribute US$3.67 million to unitholders for the third quarter ended September 30, 2007. This is an increase of 4% over the corresponding 3rd quarter of 2006. Distribution per unit (DPU) amounted to 1.09 cents which is 1% above the 1.08 cents projected at its IPO in May 2006. Based on the IPO price of US$0.45 per unit, the distribution (YTD) amounted to an annualised yield of 9.5% while on the closing price of US$0.44 at October 22, it is 9.7%, Net profit after tax for Q3 2007 was US$589,000 compared to US$31,000 in the previous corresponding period due to decrease in fair value losses in interest rate swaps which has no impact on the distributable income. The Q3 2007 net profit was 83% lower than the IPO projection as the latter assumed no change in the fair value of the swaps. PST used interest rate swaps to fix the cost of its borrowings at 5.97%. The net profit was achieved on gross revenue of US$8.70 million from the charter of PST's existing portfolio of eight vessels and interest income of US$183,000. Management fee of US$348,000 remained unchanged while depreciation at US$3.22 million was 4% higher than projected during the IPO and unchanged against Q3 2006. Other trust expenses comprised mainly professional fees, regulatory fees and administrative fees at US$139,000 were 9% higher than IPO projection but 7% lower than the same quarter last year. On September 14, 2007, PST announced that it was acquiring two 4,250 TEU vessels from Pacific International Lines (PIL). The vessels will be time chartered to Compania SudAmericana de Vapores SA, the largest liner shipping company in South America. Subhangshu Dutt, CEO of PSTM, said: "We are pleased to be able to consistently exceed or meet our distributable income projections. "Our planned US$136 million acquisition of two vessels and charters to CSAV of Chile should in the coming years enlarge our earnings and enhance yields for unitholders. "We are working on more yield-accretive acquisitions that will help us achieve our targets of diversifying our charterer portfolio, vessel type and charter expiry profile." Upon approval by unitholders, the new charter will increase slot capacity by 61% and improve revenue by 54% to about US$53 million per annum. PST owns a portfolio of eight container ships of between 943 TEU and 3081 TEU, which were acquired from IPO sponsor, Pacific International Lines (PIL). These vessels are chartered back to PIL at rates for between eight and ten years. The latest distribution of 1.09 cents will be made on November 29, 2007. Unitholders do not have to pay Singapore tax on the distributable income.
Useful To Me  Not Useful To Me
Pinnacle Master	22-Oct-2007 21:03        Pinnacle About Contact  Quote this Post!
x 0   x 0  Alert Admin	PST?s Q3 2007 distributable income 4% higher than Q3 2006 ? DPU of 1.09 cents offers tax-free annualised yield of 9.6% for Q3 2007 ? More acquisitions in the pipeline
Useful To Me  Not Useful To Me
rustee45 Member	26-Jul-2007 18:20        rustee45 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hi tthsteve, name and price can be right, but the business activities are wrong. :) Hi stockie, depreciation on assets are meant as a tool to sell off the ships in future for gains on book value, and thus the opportunity to produce special dividends. Stock prices for such trusts would rise in the mid term, with more acquisitions. Furthermore, as dps rise, you would see a similar growth in share price. For capital appreciation, as mentioned, acquisitions should raise dps and price. What's more, I bought the cow for its milk and wouldn't kill it for its meat. :) A stock market has different stocks for people with different appetites. REITs to me, have turned into a capital gains stock more than a trust, whereby its mission has turned into one less of yield but capital gains.
Useful To Me  Not Useful To Me
tthsteve Member	25-Jul-2007 13:02        tthsteve About Contact  Quote this Post!
x 0   x 0  Alert Admin	the headline clearly indicated PACIFIC SHP TRUST. The price also quite close. USD0.46 @ EXCH 1.50 = S$0.69  got mistake meh.
Useful To Me  Not Useful To Me
rustee45 Member	24-Jul-2007 23:45        rustee45 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hi Admin SJ, the Market bites on Pacific Ship Trust - is it Pacific Ship Trust or See Hup Seng report? Did I see wrongly? It's definitely not Pac Ship Trust!
Useful To Me  Not Useful To Me
rustee45 Member	24-Jul-2007 23:31        rustee45 About Contact  Quote this Post!
x 0   x 0  Alert Admin	This is a > 9% yield stock. Buy one to outrun the others over time. Have vested, PST, FSL and Rickmers to stagger my dividends. :) All fundamentally strong trusts with their individual strengths.
Useful To Me  Not Useful To Me
taybc1071 Senior	24-Jul-2007 21:02        taybc1071 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hi Admin SJ, the Market bites on Pacific Ship Trust - is it Pacific Ship Trust or See Hup Seng report? Did I see wrongly?
Useful To Me  Not Useful To Me
Listener24sg Member	01-Aug-2006 19:45        Listener24sg About Contact  Quote this Post!
x 0   x 0  Alert Admin	Those who are still in should have made some profits.
Useful To Me  Not Useful To Me
Listener24sg Member	25-Jul-2006 19:42        Listener24sg About Contact  Quote this Post!
x 0   x 0  Alert Admin	On the uptrend as mentioned
Useful To Me  Not Useful To Me
Listener24sg Member	24-Jul-2006 15:35        Listener24sg About Contact  Quote this Post!
x 0   x 0  Alert Admin	As predicted....moving up!
Useful To Me  Not Useful To Me
OngHuiH Member	24-Jul-2006 09:33        OngHuiH About Contact  Quote this Post!
x 1   x 0  Alert Admin	Sometimes ago,  Dr Money challenged the financial data and conflict of interest between PST and PIL.  Despite Dr Money's repeated request to PST to explain,  the reply was not forthcoming, as far as I know.  Essential points: The claim that the returns is more than 9%. Dr Money acutally calc that it is less than half because depreciation of the ships was not factored in correctly. Conflict of Interest:  PST Management is control by PIL. Moreover, PST must pay certain percentage to PIL of ships purchase etc etc The lease period of 8 yrs,  is unlikely to happen if the lease is between 3 rd parties.  Nobody will commit 8 years!  What happen after 8 yrs? These are very interesting points raised by Dr Money for your consideration.
Useful To Me  Not Useful To Me
clauswu Member	23-Jul-2006 10:22        clauswu About Contact  Quote this Post!
x 0   x 0  Alert Admin	Thank you for the detailed analysis on the prospects on PST. Many REITs and Trusts have high yields these days but the price hardly moves. TA shows an overbought signal (RSI). Unless you are a long-term, yield-focused investor, what should be the reason for holding such 'stock'?
Useful To Me  Not Useful To Me
Nostradamus Supreme	22-Jul-2006 22:14        Nostradamus About Contact  Quote this Post!
x 1   x 0  Alert Admin	UOB Kay Hian has short-term and long-term price targets of US$0.47 and US$0.57 respectively. It has a high yield which gets even higher. Not only is the current yield very attractive at around 10.2%, it is also set to get much higher, eventually reaching 17.4% by 2019, upon the full repayment of borrowings at maturity. This corresponds to rising distributable profit, forecast to increase from US$8.3m in 2006 and US$14.3m in 2007 to US$26.0m in 2019. Dividend yield post-2007 could also be better than its projections should PST decide to pay 100% instead of 90% of its distributable profit.       Long-term fixed charter contracts spanning 8-10 years. PST's initial fleet of eight container vessels are chartered to Pacific International Lines (PIL) on a bareboat basis for 8-10 years at fixed charter hire rates with the charterer bearing the voyage and vessel operating costs. This will provide PST with a stable long-term income, which will substantially minimize the trust's exposure to the cycles of the container shipping sector.       A reputable sponsor and charterer with a strong balance sheet. PIL is Singapore's second largest container shipping company with a proven track record and strong balance sheet. It owns and operates a fleet of over 100 container vessels. PIL has granted PST a Right of First Refusal over 13 other container vessels. PST's trustee manager intends to pursue opportunities to acquire container vessels from both PIL and third parties that can enhance PST's portfolio, diversify its asset base and improve returns to unitholders. Some potential risks 1. Total dependency on one single charterer, PIL. Until PST diversifies its customer base, it is highly dependent on PIL's ability to honour their charter agreements 2. A sharp decline in vessel values could affect book value though it would not have an impact on earnings and dividend yield 3. A weaker US$ would have a negative impact on the return of non-US$ funded investments.
Useful To Me  Not Useful To Me
Listener24sg Member	22-Jul-2006 21:37        Listener24sg About Contact  Quote this Post!
x 0   x 0  Alert Admin	This stock if you ask me, i will say it is time to buy. Big boys going in to park funds soon because of yields.
Useful To Me  Not Useful To Me
patricksoon Member	27-May-2006 17:03        patricksoon About Contact  Quote this Post!
x 2   x 0  Alert Admin	Most would have taken a second look because of the high yield advertised during IPO. However the PE is about double the industry!!!!! (Had to ask around to get this) Not so attractive parking funds for so long.
Useful To Me  Not Useful To Me

                                                         First   < Newer   121-140 of 141   Older>   Last