SINGAPORE: Pacific Shipping Trust (PST) will distribute 1.09 US cents per unit for its second quarter ended June. This is 12 per cent higher than the previous quarter.

All in, PST will be distributing nearly US$3.7 million in the second quarter, up 2 per cent on year.

PST said the increase in the distributable amount is the result of a full quarter contribution from two new vessels, Kota Nabil and Kota Naga.

Second quarter turnover rose 17 per cent on year to US$10 million, on the back of additional revenue from the two vessels, which are chartered to Pacific International Lines.

Last year, PST announced the acquisition of four vessels, which are expected to expand its current portfolio by 50 per cent to 12 vessels and annualised contracted revenue by 80 per cent.

PST said the delivery of two more vessels in the second half of 2008 is expected to provide further revenue growth in 2009.


- CNA/so