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Rickmers Maritime's Q1 payout flat at 0.6 US cent each

Published on May 2, 2014 9:02 PM

SINGAPORE - Lower fleet utilisation and reduced charter rates led to decreased revenue for container ship operator Rickmers Maritime, which reported a flat distribution per unit of 0.6 US cents in the first quarter.

Its trustee manager reported that net profit for the three months ended March 31 fell by 8 per cent to US$9.85 million (S$12.7 million), as charter revenue declined 4 per cent to US$33.9 million.

Two of its ships had been re-positioned in preparation for their new deployment for a major client, Maersk Line.

Another ship was idled due to engine problems, causing fleet utilisation in the first quarter to fall to 94.3 per cent.

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