MAINBOARD-LISTED Rickmers Maritime's second- quarter net profit more than doubled to US$16 million, from US$7.7 million a year ago, due to a one-off gain.

Its charter revenue for the three months ended June 30 dropped 10 per cent year-on-year to US$31.5 million as Rickmers' fleet incurred 2.9 days of unscheduled off- hire and two vessels underwent routine dry-docking amounting to 44.7 days of off-hire. The fall in charter revenue also stemmed from reduced charter rates for two vessels which started their charter to Maersk Line in the previous quarter.

The Q2 net profit jump took into account an US$11.4 million one-off gain following the early settlement of a convertible loan owed to Polaris Shipmanagement (Polaris), at a 20 per cent discount. The convertible loan had a carrying value of US$50.6 million on the settlement date but following discussions between Rickmers and Polaris, the latter agreed to receive US$39.2 million in the second quarter as full and final settlement of the convertible loan.