Rickmers

Rickmers: 2Q11 results generally in line.
Revenue at US$37.6m, +3% yoy, +5% qoq, as one vessel contracted a higher net charter rate of US$23.9k/day that took effect on 25 Mar ’11, compared to the net charter rate of US$8.3k/day in 2Q10.

Net profit at US$8.6m, vs US$0.6m yoy, due to write back of vessel impairment, and lower finance expenses (absent one-off loan restructuring fee) which more than offset goodwill impairment, and higher vessel operating expenses. Qoq, net profit -8.4%.

Cash flow from operating activities at US$27.8m, -1% yoy, due to movements in working capital and dry-dock reserved required to meet future dry-dock obligations.
The trust continued to deleverage its balance sheet by paring down its outstanding bank loans of US$671m at end 2010 to US$647m currently.
DPU at US 0.6cts, +5% yoy, flat qoq. Translates to annualized yield of 7%.
NAV/unit rises to US$0.87 from US$0.83 in FY10, trust trades at 0.4x P/B.

The Group owns 16 containerships, of which 15 are on long term time charters and 1 on a 1-yr time charter. Vessel utilization is 99.9%, with avg daily time charter rate at US$25.8k/ vessel.