Increase in borrowing costs on Rickmers Maritime's Loan

Friday, June 5, 2009

Rickmers Maritime (RMT) announced one of its nine banks has invoke the market disruption clause in one of its loans. As such, an additional interest amount of US$37,500 will be levied.

The additional interest payment has no significant impact to our earnings forecas

We forecast 20.9% and 20.4% DPU yield for 2009 and 2010 respectively.

Maintain HOLD in view of the unfunded US$700m capex due in 2010 and risk of falling asset prices that may breach LTV covenant.


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