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Seems these three shipping Trust ,Rickmer ,PSL ,FSL ,start to move now !!
aLL thE TRUSTS are bEttEr than FD
Personally FSL is a better bet since it has a more diversified fleet unlike Rickmers or PST with exposure to containers, tankers, chemical tankers and dry bulkers. Plus it has no debt issues till 2012 and the Managements guides dividends payment to be US$0.015/quarter which implies a 14% yield. Recent placement gives it room for more acquisitions.
Not vested.
Pacific Shipping Trust is EvEn bEttEr
thou i had sold mine, i still think SP Ship will be much better.
when Rickmers paid 40% annual dividend,, at that time it is considered better risk/reward..
after they cut the DPU ( or dividend) to 8%, you have to re-rate your risk/reward ratio.
8%.. starhub?
NOL and Rickers are in two different businesses. NOL is a shipping line whereby it transports containers from one port to another. Rickmers is a leasing trust whereby it rents its ships out at fixed rates to shipping lines over a period of 5-7 years. Rickmer's income continues to be stable but its debt will kill them.
nol still a better bet to me
Yup...
I agree..
I am looking to buy..but my tp is below 37 cts...
Now too exp for me...
Funny thing is that the 130 Million Dollar loan due in April 2010 is known quite far back..
Yet till date, no concrete news abt it... and April is just 1 mth away...
It is also an oversight of the management to fail to plan for this debt..
I am risk averse...
Perhaps I will wait till April and see how things goes..
When a Co still can made good Profit even The worse period ,because
facing of some problem and everyone scare to vest it , if you wait until
everything clear then go in , normaly the prices already gone up quit a
distance . Therefore ,those who step one step before others will be The
winner finally ! Just my opinion !
SSC buy ship le. Think this counter ride along ba
agreed! I think the company should be able to re-finance the loan. Vested!
Container shipping market are recovering slowly . NOL hits $2 now , howcome everybody ignore this counter ?
US$130m loan ,I think can be solved by refinance ,just look at JAYA ,more worst ( $500m) ,but still settled .
Don't ever listen to the Analyst said ! This counter so cheap , Dividend high , Can vest !
Wow. This baby is starting to sail now.
Vested.
Rickmers Maritime posts 112% rise in 4Q net profit to $21.7m
Shipping trust Rickmers Maritime says for the quarter ended
31 December 2009 (4Q2009), charter revenue registered an
improvement of 29% to US$38.13 million ($54.2 million),
compared with US$29.56 million for the same period last year.
Rickmers Maritime will distribute 0.57 US cents per unit for
4Q2009, representing a payout of 14% of income available for
distribution. Total distribution for the year will amount to
US$16.57 million, which represents 22% of income available for
distribution.
On a full-year basis, charter revenue rose 43% to US$146.28 million
from US$102.11 million a year earlier. This came on the back of
revenue contributions from three new vessels delivered during the
year — MOL Destiny, MOL Devotion and Hanjin Newport.
As a result of higher charter revenue, cash flow from operating
activities rose 19% to US$27.59 million in 4Q2009 (4Q2008: US$23.11 million).
Accordingly, income available for distribution increased 12% year-on-year
to US$17.72 million in 4Q2009 (4Q2008: US$15.77 million). For the full year,
cash flow from operating activities improved 44% to US$112.09 million
(FY2008: US$77.96 million) while income available for distribution posted a
36% growth to US$76.09 million (FY2008: US$55.85 million).
Net profit rose 112% to US$15.25 million in 4Q2009 ($Q2008: US$7.18 million),
primarily due to the accelerated amortisation of Kaethe C. Rickmers’ (formerly
Maersk Djibouti) deferred income from charter contract resulting from its early
re-delivery.
For the year under review, net profit improved 18% year-on-year to US$40.74 million
(FY2008: US$34.44 million) as the increase in earnings was offset against impairment
charges of US$7.50 million as well as net unrealised losses of US$5.36 million on
two of the Trust’s interest rate swaps.
Source: The Edge
forming a financial committee to deal with debt & re-finance issues.....finally wake up liao
ship started to sail............
Will it be like Lehman...very strong in history, but still go *kaboom*??
| Rickmers | _ 3 mths ended Sep 2009 ___ Net Profit (S$M)_ | $ 27.10 | ___ + | 36% |
Recommendations Rickmers Maritime
Consensus Recommendation: Underperform
Analyst Recommendations and Revisions:
Last Updated: 26 Sep 2009
Current:
(1) BUY: 0
(2) OUTPERFORM: 0
(3) HOLD: 2
(4) UNDERPERFORM: 0
(5) SELL: 4
Mean Rating 4.33
(reuters)
Tue, 1 Sep 2009, OCBC
Rickmers Maritime (RMT) has some very immediate issues to resolve and unfortunately,
the increased cash retention is comparatively just a drop in the bucket. It is in the sponsor’s best
interest that RMT honours its obligations as the sponsor acts like an intermediary on the acquisitions.
Possible compromises involve delaying delivery of vessels (for a price) or letting the sponsor
warehouse the assets (for a price) or raising a significant amount of equity (ability to do so is questionable).
Whatever the final solution, we believe it is not likely to favour the unitholders. With the high level of
leverage and sizeable acquisitions fixed at peak prices, we believe RMT is essentially behaving like a toxic asset.
When a leveraged play unwinds, the equity tranche is the worst place to be.
We maintain our SELL rating on RMT but reduce our fair value estimate to S$0.16 from S$0.39 as we
switch to a probability-weighted valuation approach that reflects the likelihood and consequences of distress.