Pacific Shipping Trust has announced a DPU of 0.832 US cents (1.088 Singapore cents) for the third quarter ended September 30, 2010 (3QFY2010). This represents a tax-free annualised yield of 10.1%. The Q3 FY2010 DPU is 1.7% higher than the distribution of 0.818 US cents per unit in 3QFY2009.

Gross revenue in Q3 FY2010 from PST’s existing 12 vessels chartered on a long-term basis remained stable at US$15.6 million, delivering a profit after tax of US$7.2 million. This was consistent when compared to the corresponding period last year and in 2QFY2010.

For 9M FY2010, gross revenue was US$45.9 million and profit after tax totalled US$20.5 million.

Following the purchase of two Capesize bulk Carriers in late June, PST’s bought two Multi-Purpose Vessels (MPP) this month. The acquisition of the MPPs will be backed by a 10- year time charter contract with Cosco Xiamen.

Next year, PST’s gross revenue will increase when the 10-year time charters for the two 180,000 DWT Capesize bulk carriers to Jiangsu Shagang Group Co. come into effect. This will increase further in 3Q2012 as the time charter to Cosco Xiamen begins to take effect.