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 Post subject: PACIFIC SHIPPING TRUST
PostPosted: January 20th, 2010, 10:11 pm 
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PACIFIC SHIPPING TRUST CONTINUES TO PERFORM WELL IN Q4 FY2009

• Gross Revenue up 8% and 39% for Q4 FY2009 and FY2009 respectively
• Full Year 2009 Distributable Income up 46%
• Tax-free annual yield is approximately 13.1% ()1
• PST encouraged by CSAV’s capital restructuring


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 Post subject: Re: PACIFIC SHIPPING TRUST
PostPosted: March 22nd, 2010, 8:47 am 
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Notice of Annual General Meeting

NOTICE IS HEREBY GIVEN that the Annual General Meeting of the unitholders of Pacific Shipping Trust (“PST” and unitholders of PST, “Unitholders”) will be held at NTUC Business Centre, 1 Marina Boulevard, Level 7 Room 701, Singapore 018989 on Thursday, 8 April 2010 at 2.30 p.m. for the following purposes:

Ordinary Business:
1. To receive and adopt the report of PST Management Pte. Ltd. (the “Trustee-Manager”), the statement by the Trustee-Manager and the audited accounts of PST for the year ended 31 December 2009 together with the auditors’ report thereon.
(Resolution 1)

2. To re-appoint KPMG LLP as the auditors of PST and to authorise the directors of the Trustee-Manager to fix their remuneration.
(Resolution 2)

3. To transact any other ordinary business which may properly be transacted at an Annual General Meeting of the Unitholders.

More Details
http://info.sgx.com/webcoranncatth.nsf/ ... penelement

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 Post subject: Re: PACIFIC SHIPPING TRUST
PostPosted: April 22nd, 2010, 8:09 am 
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Pacific Shipping Trust reports 1% rise in Q1 net profit

By Desmond Wong | Posted: 21 April 2010 2125 hrs


SINGAPORE : Pacific Shipping Trust (PST) on Wednesday said its first-quarter distribution per unit fell 19 per cent on-year to 0.79 US cents.

This comes as PST reported a 1 per cent increase in net profit for the three months ending March to US$6.7 million.

Revenue for the same period slipped 1 per cent to US$15.1 million.

The shipping trust said a volatile environment for US dollar interest rates incurred a mark-to-market loss of US$800,000, which contributed to its lower earnings.

But going ahead, PST said an improving environment for shipping could result in better conditions for the rest of the year.

It said the container market has witnessed an increase in freight rates in addition to a rise in asset prices in recent months.

It said it is cautiously optimistic that with improving freight rates and global trade forecast to grow at 9.5 per cent in 2010, charter rates have begun to bottom out.

It also said the increase in liner service capacity and the implementation of extra slow steaming has led to many idle vessels being reactivated.

PST said it is actively looking for potential acquisitions to add value for its unitholders. - CNA/ms

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 Post subject: Re: PACIFIC SHIPPING TRUST
PostPosted: April 22nd, 2010, 8:34 am 
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Pacific Shipping Trust Q1 DPU falls 19% - PACIFIC Shipping Trust (PST) has registered a 19 per cent drop in first-quarter distribution per unit (DPU) to 0.793 US cent, from 0.980 US cent a year back.


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 Post subject: Re: PACIFIC SHIPPING TRUST
PostPosted: April 23rd, 2010, 1:24 am 
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Published April 22, 2010

Pacific Shipping Trust Q1 DPU falls 19%
Revenue from trust's vessels stays flat at US$15.2m


By VINCENT WEE

PACIFIC Shipping Trust (PST) has registered a 19 per cent drop in first-quarter distribution per unit (DPU) to 0.793 US cent, from 0.980 US cent a year back.

The latest DPU is also a drop from 0.827 US cent in Q4 2009, as revenue from the trust's 12 vessels stayed flat at US$15.2 million.

Income retained for working capital rose to US$10 million, from US$3.2 million in Q1 2009. As a result, income for distribution fell to US$4.7 million, from US$5.8 million previously.

'PST continues to deliver a healthy performance as a result of our prudent financing structure and the fact that our vessels are fully financed,' said Teo Choo Wee, acting chief executive of trustee-manager PST Management.

'Our stable financial situation and cash retention place PST in a position to capture accretive opportunities for strategic fleet expansion as the market gradually recovers.'

Mr Teo also said at PST's Q4 results presentation that he was looking to undertake 'value-accretive acquisitions'.

Troubled Chilean line Compania Sud Americana de Vapores, which has chartered two vessels from PST for five years, has recently raised US$773 million of new capital, PST said.

It also said that the recovery of the container ship market in Q4 last year continued into Q1 this year, with an increase in freight rates adding to a rise in asset prices.

'The freight rate recovery continued into Q1 2010, triggering the gradual reactivation of idle tonnage in the container ship sector,' Mr Teo said.

'We are cautiously optimistic that with improving freight rates and global trade forecast to grow 9.5 per cent in 2010, charter rates have begun to bottom out.'

PST's Q1 DPU represents a tax-free annualised yield of 10.8 per cent based on yesterday's closing unit price of 29.5 US cents.

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'Kites rise highest against the wind; not with it' - Sir Winston Churchill

'A practitioner is not judged by the rigour of his logic or by the elegance of his presentation. He is judged by the results.' - Dr Goh Keng Swee


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 Post subject: Re: PACIFIC SHIPPING TRUST
PostPosted: June 28th, 2010, 8:41 am 
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REQUEST FOR TRADING HALT

Date of Trading Halt * 28-06-2010
Time of Trading Halt * 0900 hours
Reasons for Trading Halt * Pending Announcement


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 Post subject: Re: PACIFIC SHIPPING TRUST
PostPosted: July 21st, 2010, 10:01 pm 
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Financial Statements Announcement For The Second Quarter Ended 30 June 2010

http://info.sgx.com/webcoranncatth.nsf/ ... esults.pdf

http://info.sgx.com/webcoranncatth.nsf/ ... Report.pdf

PACIFIC SHIPPING TRUST MAINTAINS STABLE RESULTS AND DIVERSIFIES IN Q2 FY2010
• Gross Revenue and Profit After Tax remain steady at US$15.1 million and US$6.6 million respectively
• Distribution per unit of 0.793 US cents represents tax-free annualised yield of 10.9%
• 10-year time charter with Jiangsu Shagang Group Co., Ltd. (“Shagang”) for Capesize Bulk Carriers, to add approximately US$194 million to its existing contracted revenue

SINGAPORE, JULY 21, 2010 – PST Management Pte. Ltd. (“PSTM”), as Trustee-Manager of Pacific Shipping Trust (“PST”), Singapore’s first publicly-listed business trust, will distribute 0.793 US cents per unit to Unitholders for the second quarter ended June 30, 2010 (“Q2 FY2010”), representing a respectable tax-free annualised yield of 10.9% ()1.

Gross revenue in Q2 FY2010 from the 12 vessels chartered on long-term basis remained stable at US$15.1 million, recording a profit after tax of US$6.6 million. This was consistent compared to the corresponding period. For the six months of 2010, gross revenue was US$30.3 million and profit after tax totalled US$13.3 million.


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 Post subject: Re: PACIFIC SHIPPING TRUST
PostPosted: July 23rd, 2010, 1:19 am 
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Published July 22, 2010

Pacific Shipping cuts Q2 DPU
By LYNETTE KHOO

PACIFIC Shipping Trust (PST) has pared its distribution per unit (DPU) by 20 per cent from a year ago to 0.793 US cents for the second quarter ended March 31 as it retained more cash to acquire new vessels.

Income available for distribution dipped 2 per cent to US$6.52 million in the second quarter. But 30 per cent of the distributable income was retained in the second quarter, compared to a previous 10 per cent, trust manager PST Management (PSTM) said yesterday.

The DPU of 0.793 US cents represents a tax-free annualised yield of 10.9 per cent.

'This policy of preserving cash has enabled PST to acquire two new 180,000 deadweight tonne (DWT) capesize bulk carriers as announced on June 28, 2010,' PSTM said.

These bulk carriers cost US$61.6 million each and are scheduled to be delivered in September next year, with a 10-year charter with Jiangsu Shagang Group Co.

The 10-year charter will add about US$194 million to PST's contracted revenue, which will hit close to US$500 million over the next 10 years.

'These new acquisitions mark a major milestone for PST to diversify into a new asset class and enlarge our base of charterers,' said PSTM acting CEO Teo Choo Wee.

PST's current fleet portfolio comprises 12 container vessels.

During the second quarter, gross revenue from the 12 vessels chartered on a long-term basis dipped 2 per cent from a year ago to US$15.15 million, with profit after tax remaining stable at US$6.64 million compared with US$6.66 million a year ago.

PST said that its balance sheet remains strong as all vessels have been financed on a long-term basis and that its loans do not have loan-to-value ratios on the vessels and top-up provisions.

The trust manager said it remains 'cautiously optimistic for the outlook of the container market' though it expects that chartered rates for container vessels will continue to recover amid improving freight rates and asset prices.

It also expects shipping demand for capesize bulk carriers to be sustained by China's demand for iron ore and coal.

Mr Teo said PST will continue to explore 'further opportunities for meaningful acquisitions'.

_________________
'Kites rise highest against the wind; not with it' - Sir Winston Churchill

'A practitioner is not judged by the rigour of his logic or by the elegance of his presentation. He is judged by the results.' - Dr Goh Keng Swee


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 Post subject: Re: PACIFIC SHIPPING TRUST
PostPosted: July 31st, 2010, 1:37 am 
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Pacific Shipping Trust announces changes to its board of directors
By Georgina Joseph | Posted: 30 July 2010 1941 hrs


SINGAPORE: Pacific Shipping Trust (PST) has announced changes to its board of directors with effect from August 1.

Mr Lim Ah Doo and Mr Esben Poulsson will be joining the board to take the places of Mr Philip Lee Soo Hoon and Mr David Chin Soon Siong.

Mr Lee and Mr Chin will be stepping down as independent directors after completing a term of four years during which time they oversaw the listing of PST.

Mr Lim is currently an independent director of ARA-CWT Trust Management, EDB Investments, and Sembcorp Marine.

Mr Poulsson currently sits on the Boards of Torm Singapore, Epic Shipping Group and FR8 Singapore

Pacific Shipping Trust is the first business trust listed on the Singapore Exchange. - CNA/vm

_________________
'Kites rise highest against the wind; not with it' - Sir Winston Churchill

'A practitioner is not judged by the rigour of his logic or by the elegance of his presentation. He is judged by the results.' - Dr Goh Keng Swee


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 Post subject: Re: PACIFIC SHIPPING TRUST
PostPosted: October 20th, 2010, 10:04 pm 
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THIRD QUARTER RESULTS * FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT

http://info.sgx.com/webcoranncatth.nsf/ ... penelement


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