Rickmers Sells Vessel to Survive

By Aiswarya Lakshmi December 26, 2016

Rickmers Maritime Trust has completed the sale of a vessel in connection with the settlement of senior loan facilities that German lender Commerzbank's Singapore branch extended to a unit of the trust.

"The Trustee-Manager wishes to announce that the sale of the “India Rickmers” vessel has been completed. The Trustee-Manager will update its noteholders and unitholders if there are any further developments," Rickmers Trust Management Pte. Ltd., in its capacity as trustee-manager of Rickmers Maritime has announced in a statement.

It did not say how much it had sold the vessel for and how much it had gotten for it. The vessel had been used to secure the loan facilities.

Rickmers does not expect the sale to lead to material loss in the fourth quarter of 2016 as a review for vessel impairment was carried out and recognised in previous quarters, says a report in the Business Times.