Rickmers Maritime, the Singapore-based ship-owning subsidiary of Germany’s Rickmers Group, saw its 2012 operating profits drop 32 percent year-on-year to $27.6 million.
Revenue dropped 3 percent to $144.3 million.
Rickmers is a business trust that owns and operates containerships under long-term, fixed-rate charters to global container liner companies. It owns 16 ships of between 3,450 and 5,060 TEUs of capacity chartered to five carriers, predominantly CMA CGM and MOL.
“A significant amount of new ships will be delivered during the next twelve months,” the trust said in its financial statement. “Despite a projected increase in scrapping of existing ships and some further delay in delivery of newbuildings, demand is unlikely to absorb the prevailing over-supply within this year. As a result, no material increase in time charter rates and vessel values is expected in the short term.” - Eric Johnson