Rickmers Maritime says it will distribute 0.57 US cents (0.78 cents) per unit to unitholders for the first quarter ended 31 March 2010 (1Q2010) on 25 May 2010. The DPU represents 13% of income available for distribution which fell 8% to US$17.93 million.

In 1Q, charter revenue rose 14% to US$37.16 million compared to US$32.54 million recorded for the same quarter the year before. The revenue growth was attributable to maiden contribution from its 4,250 TEU containership, Hanjin Newport, which was delivered to the Trust on 1 April 2009 as well as full-quarter contributions from its 4,250 TEU vessels, MOL Destiny and MOL Devotion, which were delivered on 6 January 2009 and 25 March 2009, respectively.

Cash flow from operating activities increased 2% to US$27.64 million from US$27.18 million in the same period last year, on the back of increased charter revenue but offset by increased expenses which included professional fees and other expenses incurred during negotiations on the resolution of the trust’s financing issues.

After extensive negotiations with its creditors, Rickmers Maritime signed two critical term sheets with the trust’s lending banks and Polaris Shipmanagement Company Limited to resolve the trust’s financing issues.

A term sheet has been signed with the lending banks for a five-year extension of the maturity period of its US$130 million top-up loan facility maturing 30 April 2010 and a waiver of its value-to-loan covenants for up to three years.

Another term sheet has also been signed with Polaris, a wholly-owned subsidiary within the Rickmers Group, to cancel the trust’s committed capital expenditure of US$918.7 million in relation to its outstanding orderbook comprising three 4,250 TEU and four 13,100 TEU containerships.