Pacific Shipping Trust announces today that it will distribute 1.04 US cents per unit for the fourth quarter last year, exceeding its IPO projection of an annualised yield of 9%.

The Singapore-based trust will distribute a total of US$3.52m to its unit-holders for the three months ended December 31, 2006, which is 2.3% higher than the projected distribution of US$3.44m during its IPO in May last year.

Its full-year income distribution will become 2.48 US cents per unit, 2% higher than the IPO projection.

PST has earned a net profit of US$3.4m and a gross revenue of US$8.7m from the charter of its vessels in Q4.

Chairman of the trustee-manager of PST, Captain Subhangshu Dutt, said, "We are actively seeking appropriate acquisitions, not only to diversify our portfolio of charterers, but also ship type as well.

"As shipping revenues come under pressure due to declining freight rates and new deliveries come onstream, we are optimistic that more operators may consider the sale and lease back model to lighten balance sheets."

The trust has chartered all its eight 900-3,000 teu containerships to its IPO sponsor, Pacific International Lines, for between eight and 10 years.

More information regarding the future development of PST can be found in an interview conducted with the Chairman of the trustee-manager of PST, Captain Subhangshu Dutt, by ci-online, published today.