Rickmers Maritime posts DPU of 0.6 US cents in Q4

Singapore

RICKMERS Maritime posted a distribution per unit (DPU) of 0.6 US cents - similar to the corresponding quarter a year ago. Amount to be distributed also came in flat, at US$5.08 million. For the quarter under review, charter revenue was US$31.9 million, 12 per cent below the previous year. The business trust said the decrease in revenue was due mainly to reduced charter rates for four vessels which had their charters renewed over the course of the year.

Its net profit was US$11.2 million, reversing a loss of US$8.04 million in the year ago quarter, during which a US$20.8 million non-cash vessel and goodwill impairment was recognised. No provision for vessel and goodwill impairment was required in Q4 as this was already provided for in Q3.