Pacific Shipping Trust (PST)

(21-09-2011, 08:40 AM)Nick Wrote: PACIFIC SHIPPING TRUST TAKES DELIVERY OF ITS SECOND 180,000 DWT CAPESIZE BULK CARRIER

Both Shagang vessels have been delivered and deployed and will be generating revenue in 3Q 2011 but the full impact will only be felt in 4Q 11. It is highly likely that PST will continue to maintain its 70% profit payout ratio (or approx 45% cash earnings ratio) to channel retained earnings to fund the equity portion of the Cosco and Glovis vessels due in 2012/13.

Nick ,
What is your take on this PST, I am still holding it but think of selling it now .

I am surprised that they are not tapping on the strong unit price to raise equity to reduce their rather high gearing and possibly arming themselves for more growth. The DPU should grow in the next 2 years as more vessels get delivered. Counter-party risk seems to be the main risk for the Trust and USD/SGD forex risk for retail investors.

(25-09-2011, 03:50 PM)Nick Wrote: I am surprised that they are not tapping on the strong unit price to raise equity to reduce their rather high gearing and possibly arming themselves for more growth. The DPU should grow in the next 2 years as more vessels get delivered. Counter-party risk seems to be the main risk for the Trust and USD/SGD forex risk for retail investors.

Trading halted. Could this come true ?

(30-09-2011, 12:03 PM)Nick Wrote: Trading halted. Could this come true ?

Haha maybe PST senior management visited this forum and read your comments?

Wah first shipping trust in Singapore to delist! At US$0.435 per share.

Good news or bad for shareholders?

(Not Vested)

Looks like PIL decided to do a Hyflux and delist the Trust. The price of 43.5 cents compares well with the current NAV. Looks like a great deal for anyone who purchased PST over the past 3 years. I guess yield investors at large would be disappointed since this could mark the end of investing in a well managed Trust.

Pacific Shipping Trust

IPO Price: US$0.45 (IPO'ed in 2H 2006)
IPO Price Adjusting for offer of 3 for 4 @ USD 0.365: US$0.414
Dividends Declared: US$0.099253 (pre rights) & US$0.0939 (post rights)
Dividends Declared (adjusting for rights): US$0.150616
Delisting Price: US$0.435
Net Gain: US$0.171616
Net Gain Percentage: 41.5%

Approx 8% gains per year.

Pls point out any incorrect calculations. Thanks

i think its good news for PST investors. not so good if you are looking for good stocks.

(04-10-2011, 05:38 PM)Nick Wrote: Looks like PIL decided to do a Hyflux and delist the Trust. The price of 43.5 cents compares well with the current NAV. Looks like a great deal for anyone who purchased PST over the past 3 years. I guess yield investors at large would be disappointed since this could mark the end of investing in a well managed Trust.

Pacific Shipping Trust

IPO Price: US$0.45 (IPO'ed in 2H 2006)
IPO Price Adjusting for offer of 3 for 4 @ USD 0.365: US$0.414
Dividends Declared: US$0.099253 (pre rights) & US$0.0939 (post rights)
Dividends Declared (adjusting for rights): US$0.150616
Delisting Price: US$0.435
Net Gain: US$0.171616
Net Gain Percentage: 41.5%

Approx 8% gains per year.

Pls point out any incorrect calculations. Thanks

How about currency fluctuation with respect to S$?
Since many investors are Singaporeans ...
H2 2006 about US$1 to S$1.60
Now is US$1 to S$1.30
US 45cts = S$0.72 in 2006
US 43.5cts = S$0.5655 now..

This is the best managed shipping trust and will betakenprivate and delisted.
The other 2 still hanging around.
Good one go , bad one stays.

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This is the best managed shipping trust and will betakenprivate and delisted.
The other 2 still hanging around.
Good one go , bad one stays.

seems like sgx is attracting the pirates onboard. this news is a blow to sg attracting maritime investment...so much for their many tax incentive available to attract shipping companies around the world to anchor here..i think pst may have made a wise rational move.

reasons cited:

Any potential acquisitions will be benchmarked against PST’s distribution yield to ensure that
they are accretive to Unitholders. This places a constraint on PST’s ability to issue new Units
since its investment decision will be compared against its distribution yield, which is in turn a
function of the prevailing trading prices of the Units. At the same time, the amount of debt
that PST can take on for each acquisition is limited by and subject to credit, debt service and
prudence considerations. Taken together, this has constrained PST’s operational flexibility as
a listed trust, and inhibited its business expansion.

In maintaining PST's listing status, PST incurs additional compliance and associated costs.

The trading liquidity of the Units on the SGX-ST has been low, with an average daily trading
volume of approximately 284,718 Units over the 12-month period immediately preceding the
Joint Announcement Date, representing approximately 0.1% of the total free float2 of PST as
at the Joint Announcement Date