SINGAPORE : Rickmers Maritime has booked better-than-expected first-quarter results.

Net profit for the three months ended March came in at some US$8.39 million, 54 percent higher than forecast. Revenue totalled US$22.33 million, 14 percent better than forecast.

The strong growth was due to early delivery of its new buildings as well as lower cost of lubricant oil.

In a general meeting held on Monday, unitholders approved the acquisition of 13 new container vessels, expected to be delivered between June this year and September 2010.

With time charter agreements for the new vessels stretching out to 2020, Rickmers expects a total secured revenue of about US$2.1 billion.

The move will raise its distribution per unit in the second quarter by 5 percent to 2.25 US cents, from 2.14 US cents.

This will be payable starting from the third quarter of fiscal year 2008. It brings the company's total annual distribution payout to 9 US cents.

Currently, Rickmers Maritime has a portfolio of 10 container ships, each chartered out for an average of seven years. - CNA/ms