Shipping trust Rickmers Maritime says for the quarter ended 31 December 2009 (4Q2009), charter revenue registered an improvement of 29% to US$38.13 million ($54.2 million), compared with US$29.56 million for the same period last year.

Rickmers Maritime will distribute 0.57 US cents per unit for 4Q2009, representing a payout of 14% of income available for distribution. Total distribution for the year will amount to US$16.57 million, which represents 22% of income available for distribution.

On a full-year basis, charter revenue rose 43% to US$146.28 million from US$102.11 million a year earlier. This came on the back of revenue contributions from three new vessels delivered during the year — MOL Destiny, MOL Devotion and Hanjin Newport.

As a result of higher charter revenue, cash flow from operating activities rose 19% to US$27.59 million in 4Q2009 (4Q2008: US$23.11 million). Accordingly, income available for distribution increased 12% year-on-year to US$17.72 million in 4Q2009 (4Q2008: US$15.77 million). For the full year, cash flow from operating activities improved 44% to US$112.09 million (FY2008: US$77.96 million) while income available for distribution posted a 36% growth to US$76.09 million (FY2008: US$55.85 million).

Net profit rose 112% to US$15.25 million in 4Q2009 ($Q2008: US$7.18 million), primarily due to the accelerated amortisation of Kaethe C. Rickmers’ (formerly Maersk Djibouti) deferred income from charter contract resulting from its early re-delivery.

For the year under review, net profit improved 18% year-on-year to US$40.74 million (FY2008: US$34.44 million) as the increase in earnings was offset against impairment charges of US$7.50 million as well as net unrealised losses of US$5.36 million on two of the Trust’s interest rate swaps.

Cash and cash equivalents at 31 December 2009 stood at US$110.72 million.