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Is it S-chip stock?
christan ( Date: 26-Mar-2010 11:08) Posted:
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this will total wipe off the equity 395m, making -equity, worth nothing. better avoid
Implications of the April maturity of the US$130m loan
facility. RMT had US$110.7m in cash as of 31 Dec but the
question is if the remaining seven lenders will be willing to
release that cash to only three lenders, considering the
outstanding capital commitment of US$918.6m and the very
likely breached loan-to-value covenants on the existing
US$773.8m loans. The key determinant of the outcome is
how close the banks and the sponsor are to reaching an overall
agreement (which is in approximately month 12 of
discussions). We re-iterate that it is not in the sponsor's best
interest for RMT to default as the sponsor will end up footing
the bill for the new ships (which are perhaps worth about half
of what they cost). The lenders are probably not keen to see
a default situation either (especially if they also lend to the
sponsor). The likely outcome is that the burden will eventually
be passed to RMT's unitholders through dilution via fresh
equity.
Uncertainty driving volatility - witness thehttp://www.remisiers.org/research//Rickmers%20Maritime-100325-OIR.pdf
SELL and AVOID.
pharoah88 ( Date: 24-Mar-2010 13:41) Posted:
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CSAV is nOw a pOOr MAN
nUt nOt a BANKRUPT anymOre.
CSAV nOw pays BiLLs at lEast
pharoah88 ( Date: 24-Mar-2010 11:02) Posted:
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At 33 cents, the market is expect an annualized
dividend of around 4.5 SG cents or 3.3 US cents.
If this is not possible, I expect it to fall even further. I think there is a good chance it might do a Saizen and suspend dividend for a long period. If I was a bank, I wouldn't approve of dividend payouts...every cent you make should flow back to me.
The other 2 shipping trust are offering an attractive 14% yield for relatively lesser risks...
If this is not possible, I expect it to fall even further. I think there is a good chance it might do a Saizen and suspend dividend for a long period. If I was a bank, I wouldn't approve of dividend payouts...every cent you make should flow back to me.
The other 2 shipping trust are offering an attractive 14% yield for relatively lesser risks...
should I buy back?????????? wait for the price to plummet further?????
aT 65% DIScOunt, the 35% fEE iS nOt EvEn EnOugh tO cOver VARiABLE cOsts.
What abOut the Very High FiXED cOst Of thE SHiP?
Hulumas ( Date: 24-Mar-2010 11:18) Posted:
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jUst chEck whErE arE ALL Rickmers' SHiPS flOating?
arE thEy ALL flOating at BATAM BAY?
nO Earnings repOrted ?
pharoah88 ( Date: 23-Mar-2010 10:15) Posted:
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SHIPS are girls.
In this sector, it lOOks like there are nO mOre MAN that RMT must offer his girls to PST's MAN, CSAV, at a Lay Long 65% DIScOunt.
mOreOver, CSAV is a pOOr MAN cOmpare tO PIL which is PST's RiCH MAN.
RMT is sO dEsparatE that EvEn his GIRLS cannOt attract Other RiCH MEN?
Are RMT's GIRLS gOOd enOugh fOr the gOOd MEN?
WOW......so hungry.
pharoah88 ( Date: 24-Mar-2010 11:02) Posted:
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Depending on the profile composition of existing shareholders, are the majority shorters or longers?
because Longers Die DiE still will Long Die DiE.
and shorters will short here and go elsewhere to long.
may be return later for an after-long.
SHORT? or LONG?
pharoah88 ( Date: 24-Mar-2010 11:02) Posted:
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Rickmers Maritime: Vessel secures new employment at 65% discount
Summary: Rickmers Maritime (RMT) announced that its vessel - Kaethe C. Rickmers (formerly Maersk Djibouti) - has secured employment with South American liner CSAV. The agreement is for a one-year charter at US$8,288 a day, and also gives CSAV the option to renew the charter for another 12 months at US$23,888 a day. We note that the vessel was earlier earning US$22,708 a day with Maersk. The US$8,288 rate is below our estimate of US$10,000 a day - but it is a far better alternative to not securing any employment at all (which had seemed a likely possibility a few weeks ago).
Summary: Rickmers Maritime (RMT) announced that its vessel - Kaethe C. Rickmers (formerly Maersk Djibouti) - has secured employment with South American liner CSAV. The agreement is for a one-year charter at US$8,288 a day, and also gives CSAV the option to renew the charter for another 12 months at US$23,888 a day. We note that the vessel was earlier earning US$22,708 a day with Maersk. The US$8,288 rate is below our estimate of US$10,000 a day - but it is a far better alternative to not securing any employment at all (which had seemed a likely possibility a few weeks ago).
We note that CSAV is a current charterer of Pacific Shipping Trust; the liner has made great strides in resolving its own financial difficulties.
Meanwhile, RMT's auditor Pricewaterhouse Coopers (PwC) said it was not in a position to express an opinion on the trust's FY09 results due to unresolved negotiations on maturing loans and large capital commitments. RMT's unit price fell 26% yesterday as a result (even though there was no new information except for the Business Times reporting that its sources say a deal has yet to be struck with the banks). We will be adjusting our earnings estimates to reflect the new CSAV charter.
In the meantime, we maintain our SELL rating and S$0.18 fair value. (Meenal Kumar)
PST guarantEEs USD0.030 tO USD0.036 dividends per annum, as a Going cOncern.
current dividend Yield is 13% versus target Yield Of 12% per annum.
currently, its BETA is lOw.
bUt when the TiMiNG is RiGHT fOr rE-rating, its BETA can rOcket SKY HiGH tOO.
PwC flags Rickmers loan negotiations
By VINCENT WEE
RICKMERS Maritime Trust has had its auditors PricewaterhouseCoopers come out to issue a disclaimer on its full-year results because of unresolved loan negotiations with its banks.
Rickmers has bank borrowings of US$128.7 million, unfulfilled capital commitments of US$138.0 million for not taking delivery of certain vessels and an existing capital commitment of US$780.7 million, all of which are due within the next 12 months, PwC said. It added that the trust has short-term borrowings of US$128.7 million and also has contingent liabilities with respect to the unfulfilled capital commitments.
PwC noted that discussions on financing arrangements for the commitments are ongoing, as are negotiations with Rickmers' current banks to amend loan covenants on its borrowings. However, it highlighted the seriousness of Rickmers' situation.
'The appropriateness of the going concern assumption on which the financial statements are prepared is dependent on the continued support of the group's banks, related parties and the group's ability to generate sufficient cash from operations to meet its obligations as and when they fall due,' PwC said. 'These conditions indicate the existence of a material uncertainty that may cast significant doubt on the ability of the group and the trust to continue as going concerns.'
'We are not in a position to, and do not, express an opinion on the accompanying financial statements of the group and the trust,' PwC concluded.
At its FY09 full-year results briefing last month Rickmers said it has been in discussions with creditors on the resolution of its financing issues since the start of the year. These include its value-to-loan covenants, the refinancing of its US$130 million top-up loan facility maturing in April and the financing of its orderbook. None of these proposals have been accepted so far, added Rickmers.
Yesterday CFO Quah Ban Huat said: 'We are still working at it with the banks and we're hopeful that we can come up with an agreement.' Market sources said they believed there has been no breakthrough as yet with Rickmers' banks, believed to be BNP, ING, Fortis, Commerzbank and Bank of Nova Scotia.
sO heARtWarmInG, tO hEAr sOMe adviCe coMinG frOM phARoah88
pharoah88 ( Date: 23-Mar-2010 16:50) Posted:
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Yes, I did say I much much prefered Genting HK to Genting Sp previous years ago!!!
pharoah88 ( Date: 23-Mar-2010 16:50) Posted:
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You are not sincere enough, forget it!
commando ( Date: 23-Mar-2010 16:47) Posted:
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downtrend just started
still some way to go .........................