Rickmers Maritime

Re: Rickmers Maritime

Postby Musicwhiz » Tue Mar 23, 2010 12:15 am

This is a textbook example of what I studied back in University.

When the going concern assumption is violated, the Balance Sheet must be RESTATED at current cost for ALL items. This means the historical cost concept is null and void and all assets must be re-stated at fair value. This may demonstrate that assets on the Balance Sheet may be worth far less than what is recorded in the books, as many items within the Balance Sheet are valued at historical cost.

Similarly, liabilities must ALL be classified as current once going concern is in doubt, as there is no such thing as "long-term" once you can't get past the next 12 months. Hence, the Balance Sheet may show a major net current liability position and working capital may be hard to raise to meet immediate and pressing obligations. All this is contingent upon the ability of the entity to generate sufficient CASH FLOWS to ensure banks do not serve statutory demands on their loans outstanding.
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Re: Rickmers Maritime

Postby Aspellian » Tue Mar 23, 2010 11:55 am

So there is a reason why in Aug last year when the counter was sold down on sharp volume.

Looking at its balance sheet and commitments (even cancel orders not yet started also ganna >$150mm plus CONFIRMED capital commitments of >$500mm), this doesnt look good. Not everyone is a Jaya Holdings.

These are actual cash outflows. If i am a bank, why should i lend you more? the shipping market is not in good shape, its not confirmed whether the ships built will have contracts. Even O&G companies with confirmed projects and charters, relatively light balance sheet have difficulties in getting credit, what more of a sinking ship?

The RISK and reward of this company is too high... cos i know there are people out there who think that the worst could be over or that invest only when blood is in the streets etc... good luck to all!

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Re: Rickmers Maritime

Postby ichew » Thu Apr 01, 2010 3:55 pm

http://rickmers.listedcompany.com/newsr ... F65B.1.pdf

must get tat tradewinds article
enuff to breathe some life into this (25.9% jump from 0.27 to 0.34)
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Re: Rickmers Maritime

Postby Blackjack » Fri Apr 02, 2010 2:20 pm

Musicwhiz wrote:This is a textbook example of what I studied back in University.

When the going concern assumption is violated, the Balance Sheet must be RESTATED at current cost for ALL items. This means the historical cost concept is null and void and all assets must be re-stated at fair value. This may demonstrate that assets on the Balance Sheet may be worth far less than what is recorded in the books, as many items within the Balance Sheet are valued at historical cost.

Similarly, liabilities must ALL be classified as current once going concern is in doubt, as there is no such thing as "long-term" once you can't get past the next 12 months. Hence, the Balance Sheet may show a major net current liability position and working capital may be hard to raise to meet immediate and pressing obligations. All this is contingent upon the ability of the entity to generate sufficient CASH FLOWS to ensure banks do not serve statutory demands on their loans outstanding.


So is the balance sheet in this case expected to be restated? Or is it already restated?
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Re: Rickmers Maritime

Postby millionairemind » Mon Apr 26, 2010 7:48 pm

April 26, 2010, 7.10 pm (Singapore time)

Rickmers Q1 net profit tumbles 51%, to pay US$64 mln compensation


By ANGELA TAN

Rickmers Maritime on monday reported net profit for the first quarter ended March 31, 2010 fell 51 per cent to US$5.43 million.

Revenue was up 14 per cent at US$37.16 million.

The owner of 16 containerships said the revenue was lower than forecast as the trust did not take delivery of three vessels (Hanjin Milano, Hanjin Duesseldorf and Hanjin Montevideo) as earlier intended, due to on-going discussions with its lending banks.

Rickmers said it has signed a term sheet with Polaris Shipmanagement Ltd (part of Rickmers Group). to cancel its orderbook comprising three 4,250 TEU vessels and four 13,100 TEU vessels.

In exchange for the cancellation of the US$918.7 million committed acquisition, Rickmers Maritime has to pay a compensation of US$64 million of which US$15 million will be paid in cash and the remaining US$49.0 million will be converted into an interest bearing convertible loan to the trust maturing on March 31, 2014.
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Re: Rickmers Maritime

Postby winston » Tue Apr 27, 2010 10:56 am

DBS Research is upgrading Rickmers Maritime to HOLD from Sell, TP raised to S$ 0.36 (Prev S$ 0.30).

RMT will pay US$64m penalty to parent Rickmers Group to free itself from obligations to buy the remaining 7 vessels with total contract value of US$918.7m.

Lenders have also agreed to defer US$130m bullet loan maturity, and waive value-to-loan covenants for a period of 3 years. However, DPU cap of 0.6UScts per quarter is imposed, and this could cap stock performance beyond near term.


Source: DBSV
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Re: Rickmers Maritime

Postby winston » Mon Oct 04, 2010 8:28 am

RICKMERS MARITIME - Shipping trust Rickmers Maritime said on Friday its chief financial officer Quah Ban Huat has submitted his resignation to pursue other interests, but will remain in his position until April 30 next year.


Source: Reuters
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Re: Rickmers Maritime

Postby winston » Mon Feb 14, 2011 6:35 pm

Not vested

Rickmers Maritime raises DPU, Q4 net profit up 31% By JOYCE HOOI

RICKMERS Maritime raised its distribution per unit for its fourth quarter ended Dec 31, 2010 by 5 per cent, from 0.57 US cents to 0.6 US cents, it announced on Monday.

The trust posted a 31 per cent rise in net profit for the quarter, from US$15.3 million to US$19.9 million. Its income available for distribution for the quarter rose 2 per cent, to US$18.09 million.

It posted a 4 per cent dip in revenue, from US$38.1 million to US$36.8 million, today.

For the full year, the trust posted a net loss of US$28.6 million, against a net profit of US$40.7 million from a year ago. Its revenue stayed flat, inching up 1 per cent to US$147 million.

http://www.businesstimes.com.sg/sub/lat ... 79,00.html?
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Re: Rickmers Maritime

Postby tonylim » Mon Dec 05, 2011 7:07 pm

Director , LIM HOW TECK bought 100,000 shares at 0.305.
Not vested yet but comtemplating to buy some .
Any advices from friends here.
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Re: Rickmers Maritime

Postby winston » Thu Feb 14, 2013 6:43 am

Not vested

Time: 3:39PM
Exchange: SGX
Stock: Rickmers(B1ZU)
Signal: Resistance - Breakout with High Volume
Last Done: $0.38

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