Rickmers suspends distributions as charter revenue falls

Singapore

RICKMERS Maritime, which posted its third-quarter financial results on Wednesday, said it has suspended distributions to unitholders for the time being to conserve cash flow until charter conditions improve.

The business trust made this decision as cash from operating activities for the three months ended Sept 30 tumbled 24 per cent year-on-year to US$16.9 million. Until this suspension, Rickmers has been paying out distribution per unit of 0.6 US cent every quarter since 4Q2010.

Rickmers Maritime, which has a fleet of 16 containerships, reported a 17 per cent fall in revenue to US$27.4 million. It said that this was due mainly to lower market charter rates for seven vessels which commenced new charters over the course of t…