| Rickmers Maritime | Pacific Shipping Trust | First Ship Lease Trust | |
| IPO | 2007 | 2006 | 2007 |
| Sponsor | Rickmers | Group Pacific Intl Lines | Schoeller Holdings/ HSH Nordbank AG/Bayerische Hypo-und Vereinsbank |
| Sponsor role | Acquisition pipeline, ship management | Acquisition pipeline, ship management, customer | Customer, ship management if needed |
| Sub-segment focus (as of today) | Containerships | Containerships | None. Owns containerships, dry bulk carriers and tankers |
| Charter type | Time charters | Bareboat & time charters | Bareboat charters |
| Charter duration | 7 - 10 yrs | 5 - 10 yrs | 7 - 12 yrs |
| Leases include vessel purchase option | No | No | Yes (end of lease/early buy-out) |
| Leases include early termination option | Yes (one) | No | Yes (most) |
| Customers | Maersk, CMA CGM, Hanjin Shipping, Evergreen, Mitsui O.S.K Lines | Pacific Intl Lines, CSAV | Evergreen, Geden, Groda Shipping, James Fisher, PT Berlian Laju, Schoeller Holdings, Siba Ships |
| Distributions | USD/quarterly | USD/quarterly | USD/quarterly |
| Pay out policy | Fixed DPU amount | 90% of cash earnings after debt repayment (~about 50% of cash income) | New quarterly guidance for payout: 75-80% of cash income for 1Q09 (100% previously) |
| Cash earnings retained | Yes | Yes | Yes (from 1Q09 onwards) |
| Growth plans | US$1.1b of acquisitions contracted over 2009-2010 | No explicit target set for 2009 (prev: US$200m p.a.) | No explicit target set for 2009 (prev: US$300m p.a.) |
| Debt repayment | No (not immediately) | Yes (immediately amortizing) | No (bullet repayment) except for latest loan. Intends to repay debt with retained cash from 1Q09. |
Source: OCBC, 10 Feb 2009
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