SINGAPORE's Rickmers Maritime posted a 59 per cent year-on-year increase in third quarter profit to US$13.1 million.
Quarterly charter revenue increased one per cent to $36.6 million with 16 containerships under contract after the 5,060-TEU Kaethe C Rickmers secured a contract renewal from MSC until March.
Continued debt servicing made a big contribution to quarterly results, said Lloyd's List. Loan reduction lowered finance expenses 47 per cent to $5.8 million in the third quarter from $10.9 million in the third quarter last year.
A rights issue in September gained Rickmers $78.5 million, $72.7 million of which went to pay bank loans. The expiry of interest-rate swaps during third quarter also eased interest expenses, providing a cash balance of $57.8 million on September 30.
"Vessel values and time charter rates are expected to begin recovering in 2014," said Rickmers Trust Management CEO Thomas Preben Hansen.
WORLD SHIPPING
24 October 2013 - 20:18
Rickmers Maritime quarterly profit up 59pc, pays debt after rights sale
SINGAPORE's Rickmers Maritime posted a 59 per cent year-on-year increase in third quarter profit to US$13.1 million.
WORLD SHIPPING
24 October 2013 - 20:18
Rickmers Maritime quarterly profit up 59pc, pays debt after rights sale
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