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Struggling Rickmers Sells Off Another Vessel

Struggling Rickmers Sells Off Another Vessel
Singapore-based Rickmers Trust Management (RTM), a trustee-manager of Rickmers Maritime, is selling off a new ship from its fleet to ensure the company stays afloat. This means an impairment loss in the fourth quarter 2016.

Rickmers has entered into a memorandum of agreement (MOA) for the sale of Kaethe C. Rickmers, a Panamax containership. 
 
The vessel is securing senior loan facilities extended by HSH Nordbank AG, Singapore Branch and DBS Bank (the HSH Syndicate) to the trust (the HSH Facility).
 
The net proceeds from the sale will be applied towards the payment of operating costs of the secured vessels under the HSH Facility and partial prepayment of the HSH Facility. 
 
The Trustee-Manager has also entered into a deed of consent with the HSH Syndicate to obtain their consent for the sale.
 
Rickmers Maritime will recognise an impairment loss of approximately US$31.6 million for the sale in the fourth quarter of 2016. 

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