Singapore-listed shipowner Rickmers Trust Management (Rickmers Maritime) suffered a loss of USD15.7 million for the second quarter ended 30 June 2015 from a profit of USD16 million in 2Q14.
The loss was followed by the drop in revenue, which fell 10% year-on-year to USD28.5 million in 2Q15 from USD31.5 million recorded in 2Q14. The decrease was attributed to reduced charter rates contracted on four vessels following the expiry of their long term charters.
For instance, two of the four vessels, ANL Warringa and ANL Windarra were redelivered in 4Q14 and both were chartered at a net daily rate of USD8,492. Moni Rickmers was redelivered in 1Q15 and was chartered at a net daily rate of USD9,381. Lastly, CMA CGM Azure was redelivered in 2Q15 and was chartered at a net daily rate of USD12,255.
In addition, Rickmers Maritime incurred net exchange losses of USD0.7 million in 2Q15 on Singapore dollar (SGD)-denominated medium-term notes and cash balances, due to the appreciation of the Singapore dollar against the US dollar in 2Q15. Moreover during 2Q15, a provision for goodwill impairment of USD2.8 million was recognised for two vessel owning subsidiaries.
On the other hand, Rickmers Maritime’s fleet of 16 containerships performed well and enjoyed a very high fleet utilisation rate of 99.8%, higher than the 98.8% in 1Q15.
“Rickmers Maritime performed well during the second quarter with very high utilisation. Since April, we have successfully secured employment into 2016 for four vessels. The industry seems to be on the path to recovery with market charter rates improving over the first half of 2015. The recovery in the charter market is lifting vessel market values.” said Soeren Andersen, chief executive officer of Rickmers Maritime.