Pacific Shipping Trust (“PST”), a business trust listed on the SGX-ST, reported gross revenue growth of 67% for 4Q08 to US$14.5m, mainly attributable to the contribution from four new vessels delivered during the year. A full quarter’s contribution from its new vessel, CSAV Laja (acquired on September 15, 2008), was recorded in 4Q08, whilst approximately 50 days of time charter income was attributable to CSAV Lauca (commenced charter on November 12, 2008). Both CSAV Laja and CSAV Lauca have been chartered to Compania Sud Americana de Vapores S.A. (“CSAV”), the 17th largest container company in the world and the largest shipping company in Latin America on long-term, fixed-rate time charters of five years each.

Total Distributable Income increased by 68% to US$6.3m. For 4Q08, PST would be distributing income of US$5.5m, up 48% from the same period in 2007. This represents 0.93 US cents per unit which is 15% lower than Q4 FY2007; primarily due to the 10% retention of distributable amount and timing difference between the receipt of funds from a Preferential Offering in September 2008 and the earning of income from the new vessels acquired. The proceeds from the offering were used to partially finance vessel acquisition and repay existing debt which helped to strengthen its balance sheet and reduce its gearing to 48%.

For the full year FY08, gross revenue grew 29% to US$44.6m from US$34.5m in the previous year. Net profit rose 75% to US$18.3m, while distributable income increased 28% to US$18.5m.