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PacShipTr US$

PST

The RNAV of all the shipping trust is significantly lower since the real value of the vessels are actually a lot lesser than the book value.

iNTRiNSiC VALUE

USD0.6325

pharoah88 ( Date: 23-Mar-2010 10:28) Posted:

In its latest Annual Report as at 31 December 2009 just released,

its NAV rose frOm USD0.380 (2008) tO USD0.400 (2009).

WiTH annual earnings Of USD0.0465 lOcked iN Over nExt FIVE YEARS,

its LEAST iNtrinsic VALUE is USD(0.400 + [0.0465 x 5])

= USD (0.400 + 0.2325)

= USD (0.6325)

Non-Cancellation Charter Agreements lOcked iN TiLL 2016.

PacShipTr US$

Symbol:
P48U

Currency:
US Dollar

Last:

0.28

+ 0.0050

Vol (K): 42.0

Trading
Updated Time	23-Mar 09:43
Open	0.28	High	0.28	Low	0.28
Prev Close	0.275	Buy	-	Sell	-
Volume(K)	42.0	Buy Vol(K)	-	Sell Vol(K)	-
52 Wk High	0.28	52 Wk Low	0.15	52 Wk Avg Vol	348.429
All Time High	0.465	All Time Low	0.13
Comments	Near 52 wk high

*Technical Analysis Information is updated Daily

Technicals
RSI	54.47	Williams %R	-50.0
Comments (RSI)	No Info	Comments (W%R)	No Info

Dividend cOming AGAiN*

gOOd cOnsistent YiELD*

Quarter After Quarter*

pharoah88 ( Date: 23-Mar-2010 11:02) Posted:

Pacific Shipping Trust is the first business trust listed on the SGX-ST. It provides structured financing solutions to established shipping companies, thereby generating visible and stable cashflow stream through long-term charters. By acquiring vessels and leasing them to reputable charterers on long-term bareboat or time charters, PST seeks to generate a steady stream of high-yielding income for its Unitholders.
The trustee-manager of PST is PST Management Pte. Ltd., a wholly-owned subsidiary of Pacific International Lines (Private) Limited, one of the biggest container shipping companies in the world.
Bloomberg: PST SP Reuters: PFST.SI
Paid up capital : 589.75 million units
Market Capitalisation : US$ 162.2 million
Gross Revenue : US$ 62.0 million (FY09)
Distribution per Unit : 3.615 US cents (FY09)

Distribution yield : 13.1% (1)

(1) Based on closing price of US$0.275 as at 20 January 2010

Will PST be a WHITE KNIGHT to RMT ?

DIVIDENDS coming

PST will create HIGH YIELD (@ 20% or mOre) NEW REVENUE with such "gOOd bUy" NEW SHIPS frOm RMT AUCTION if the SHIPS are suitable.

this is the BEST TiME to buy NEW SHIPS at low low low COST.

*PST is financially in this PRIVILEGED POSITION*

to DOUBLE its 20% Plus HiGH YIELD CAPACITY

PST can PiCK appropriate RMT new ships

(which are perhaps worth about half of what they cost)

and BiD from one-tenth to one-quarter of cost at the AUCTION.

SHIP Assets Auction by China Banks happened in 2007.

# # # # # # # # # # # # # # # # # # # # # # # # #

christan ( Date: 26-Mar-2010 11:08) Posted:

this will total wipe off the equity 395m, making -equity, worth nothing. better avoid
Implications of the April maturity of the US$130m loan
facility. RMT had US$110.7m in cash as of 31 Dec but the
question is if the remaining seven lenders will be willing to
release that cash to only three lenders, considering the
outstanding capital commitment of US$918.6m and the very
likely breached loan-to-value covenants on the existing
US$773.8m loans. The key determinant of the outcome is
how close the banks and the sponsor are to reaching an overall
agreement (which is in approximately month 12 of
discussions). We re-iterate that it is not in the sponsor's best
interest for RMT to default as the sponsor will end up footing
the bill for the new ships (which are perhaps worth about half
of what they cost). The lenders are probably not keen to see
a default situation either (especially if they also lend to the
sponsor). The likely outcome is that the burden will eventually
be passed to RMT's unitholders through dilution via fresh
equity.
Uncertainty driving volatility - witness thehttp://www.remisiers.org/research//Rickmers%20Maritime-100325-OIR.pdf

Hulumas ( Date: 24-Mar-2010 14:58) Posted:

Too slow moving and relatively long term yet low yield.

pharoah88 ( Date: 24-Mar-2010 11:09) Posted:

Rickmers Maritime: Vessel secures new employment at 65% great discounts

Summary: Rickmers Maritime (RMT) announced that its vessel - Kaethe C. Rickmers (formerly Maersk Djibouti) - has secured employment with South American liner CSAV. The agreement is for a one-year charter at US$8,288 a day, and also gives CSAV the option to renew the charter for another 12 months at US$23,888 a day. We note that the vessel was earlier earning US$22,708 a day with Maersk. The US$8,288 rate is below our estimate of US$10,000 a day - but it is a far better alternative to not securing any employment at all (which had seemed a likely possibility a few weeks ago).

We note that CSAV is a current charterer of Pacific Shipping Trust;

the liner has made great strides in resolving its own financial difficulties.

Meanwhile, RMT's auditor Pricewaterhouse Coopers (PwC) said it was not in a position to express an opinion on the trust's FY09 results due to unresolved negotiations on maturing loans and large capital commitments. RMT's unit price fell 26% yesterday as a result (even though there was no new information except for the Business Times reporting that its sources say a deal has yet to be struck with the banks). We will be adjusting our earnings estimates to reflect the new CSAV charter.

In the meantime, we maintain our SELL rating and S$0.18 fair value for RICKMERS MARITIME . (Meenal Kumar)

Too slow moving and relatively long term yet low yield.

pharoah88 ( Date: 24-Mar-2010 11:09) Posted:

Rickmers Maritime: Vessel secures new employment at 65% great discounts

Summary: Rickmers Maritime (RMT) announced that its vessel - Kaethe C. Rickmers (formerly Maersk Djibouti) - has secured employment with South American liner CSAV. The agreement is for a one-year charter at US$8,288 a day, and also gives CSAV the option to renew the charter for another 12 months at US$23,888 a day. We note that the vessel was earlier earning US$22,708 a day with Maersk. The US$8,288 rate is below our estimate of US$10,000 a day - but it is a far better alternative to not securing any employment at all (which had seemed a likely possibility a few weeks ago).

We note that CSAV is a current charterer of Pacific Shipping Trust;

the liner has made great strides in resolving its own financial difficulties.

Meanwhile, RMT's auditor Pricewaterhouse Coopers (PwC) said it was not in a position to express an opinion on the trust's FY09 results due to unresolved negotiations on maturing loans and large capital commitments. RMT's unit price fell 26% yesterday as a result (even though there was no new information except for the Business Times reporting that its sources say a deal has yet to be struck with the banks). We will be adjusting our earnings estimates to reflect the new CSAV charter.

In the meantime, we maintain our SELL rating and S$0.18 fair value for RICKMERS MARITIME . (Meenal Kumar)

USD0.330 >>

USD0.380   >>>

USD0.480    >>>>

USD0.540     >>>>>

USD0.680

Dividend Yield 2009 is 13 years Of FD interest at 1% per annum

can CPF ANNUITY YIELD be LIKE THIS ?

pharoah88 ( Date: 23-Mar-2010 14:03) Posted:

Actual Dividend Yield 2009 (Full Year)

based on USD0.275 (current PRiCE) is 13% per year.

That is equivalent tO 13 years Of FD interest at 1% per annum

Many TiMES bEttEr than

CPF ANNUITY.

BEST Of ALL, CAPITAL STiLL grOws grOWs GROWS

Actual Dividend Yield 2009 (Full Year)

based on USD0.275 (current PRiCE) is 13% per year.

That is equivalent tO 13 years Of FD interest at 1% per annum

PST is vEry prOfitablE.

It is gOOd fO PST to issuE   RiGHTS   nOw

tO bUild NEW SHiPS at Half - PRiCE

fOr gOOd custOmers whO can  make FULL PAYMENT

                                                  FY2009

(USD Million)

DPU (US Cent) 3.615 (DiVidend YiELD fOrecast @ 12%) Income Distributed 21.3 (34.35% Of Revenue) 62.0

Distributable Income 27.1 (43.71% Of Revenue)

Revenue

FY2009 and FY2009 respectively.

3.615

21.3

27.1

62.0

FY2009

(USD Million)

0.827

4.9

7.0

15.6

Q4 FY2009

(USD Million)

0.93

5.5

6.3

14.5

Q4 FY2008

(USD Million)

(11%)

12%

8%

YoY Change

%

4.09

16.1

18.5

44.6

FY2008

(USD Million)

(12%)

32%

46%

39%

YoY Change

%

Income Distributed

DPU (US Cent) (1) (2)

Distributable Income

Revenue

(1) 75% increase in number of units issued as of end Q4 FY2008 to 589,750,000 Units, after completion of the Preferential Offering in Q3 FY2008.

(2) The lower per unit distribution is mainly due to the implementation of PST’s revised distribution policy, which was announced in July, as well as an increase in the number of

issued units on September 30, 2008.

Versatile workhorse fleet of four Panamax container vessels and eight Handysize container vessels

Long-term, fixed rate charters – 10 vessels bareboat charters to PIL for 6 – 8 years; 2 vessels on timecharters to CSAV for 5 years

pharoah88 ( Date: 23-Mar-2010 11:31) Posted:

   Vessel                           TEU             Charter (yrs)          Built
CSAV LAJA                   4,250                    5                     2008
CSAV LAUCA               4,250                    5                     2008
KOTA ANGGERIK      1,454                    8                     1999
KOTA ANGGUN          1,454                    8                     1999
KOTA ARIF                  1,454                    8                     1999
KOTA AZAM
KOTA KAYA                 3,081                   9                      2005
KOTA KADO                3,081                   9                       2005
KOTA NABIL               1,800                   8                      2008
KOTA NAGA                1,800                   8                       2008
KOTA RANCAK             943                  10                      2005
KOTA RAJIN                  943                  10                      2005

*T O T A L* 25,9641,454                   8                      1999

Outlook
Market appears poised for a gradual recovery and expected recovery in global trade will likely boost demand for shipping
PST’s conservative financial structure now puts it in a position to capture growth opportunities
Current low asset values present value-accretive opportunities
Constantly on the look-out for potential acquisitions that meet our investment criteria which adds value to our unitholders

About
1. First business trust listed on the Singapore Exchange in 2006
2. Approximately US$300 Million contracted charter income from 2010 - 2016
3. Young fleet of 12 ships with an average age profile of 5 years
4. Ability to capture value-accretive acquisitions

5. Financing fully in place with no LTV covenants and no immediate refinancing needs

6. Maintains prudent capital and debt management strategy

Pacific Shipping Trust is the first business trust listed on the SGX-ST. It provides structured financing solutions to established shipping companies, thereby generating visible and stable cashflow stream through long-term charters. By acquiring vessels and leasing them to reputable charterers on long-term bareboat or time charters, PST seeks to generate a steady stream of high-yielding income for its Unitholders.
The trustee-manager of PST is PST Management Pte. Ltd., a wholly-owned subsidiary of Pacific International Lines (Private) Limited, one of the biggest container shipping companies in the world.
Bloomberg: PST SP Reuters: PFST.SI
Paid up capital : 589.75 million units
Market Capitalisation : US$ 162.2 million
Gross Revenue : US$ 62.0 million (FY09)
Distribution per Unit : 3.615 US cents (FY09)

Distribution yield : 13.1% (1)

(1) Based on closing price of US$0.275 as at 20 January 2010

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