Pacific Shipping Trust (PST), Singapore’s first publicly-listed business trust, says it achieved a DPU of 0.809 US cents (1.037 cents) for the fourth quarter ended December 31, 2010 (4QFY2010).

Together with distributions totalling 2.418 US cents in the first three quarters, the aggregate distribution for the FY2010 will be 3.227 US cents, representing an annual yield of 8.7%. But DPU for FY2010 is lower than FY2009 due to higher income retention since 3QFY2009.

Gross revenue in 4QFY2010 from PST’s 12 existing vessels chartered out on a long-term basis was at US$15.3 million, with profit after tax of US$6.6 million. PST says this is relatively consistent when compared to the corresponding period last year and in 3QFY2010. For FY2010, gross revenue was US$61.3 million and profit after tax totalled US$27.1 million.

Teo Choo Wee, Acting CEO of PST Management, says, “We are pleased to have delivered on our targets in diversifying our charterers and vessel types. PST’s gross revenue will increase from September 2011 when the 10-year time charters to Shagang for the two 180,000 dwt Capesize bulk carriers come on-stream. This will rise further in 3QFY2012 as the 10-year time charters to Cosco Xiamen for two 24,000 dwt multi-purpose vessels come on-stream. Finally, the 8- and 10-year time charters of five 57,000 dwt Supramax bulk carriers to Glovis will impact positively on gross revenue from 4QFY2012. The current daily charterhire rate of US$168,700 from PST’s existing 12 vessels will increase by 96% to US$330,750 when all 21 vessels are in operation by Q1 2013.”

The three transactions in FY2010 will more than triple PST’s total contracted revenue from US$250 million to about US$800 million in 2023, and almost double its portfolio of vessels from 12 to 21 vessels.

Teo adds, “PST’s financial position remains strong as all vessels have been financed on a long-term basis. This is supported by the fact that PST’s loan terms do not have any loan- to-value ratios and top-up provisions. PST has secured financing commitments for a total of US$150 million from three banks for funding its acquisition of the two Capesize bulk carriers chartered to Shagang and the two multi-purpose vessels chartered to Cosco Xiamen...”

Payment to unitholders of 0.809 US cents per unit distribution will be made on or about February 28, 2011.