The former chief executive officer of Rickmers Maritime, Søren Andersen, has found a new job after the company has been shut down. He will serve as senior vice president of business development for Navios.
Major German bank HSH Nordbank rejected a rescue attempt for Rickmers Group and thus extinguished all hopes for the company's survival. But this is not the beginning of a new trend in the treatment of carriers, HSH Chief Exec Stefan Ermisch tells German newspaper Handelsblatt.
A financial restructuring of Rickmers Group could mean that Bertram Rickmers loses his entire stake in the storied German shipping group. One of the biggest symbols of German shipping's power is about to fall.
Bondholders have become an unforeseen powerhouse in the many restructurings of maritime companies. This is visible in the case of Rickmers Maritime and Rickmers Group which are currently fighting with bondholders.
Rickmers Maritime Trust is selling its entire fleet of container vessels to a Greek carrier. The sale comes one week after the Singapore-based company announced that it was giving up after battling to survive for months, and would close down.
J. Lauritzen's bondholder dispute was resolved, the carrier relying on money from its owner. More details emerged about the EU approval of Maersk's takeover of Hamburg Süd. And Rickmers Maritime had to throw in the towel. Keep up with this week's top stories on ShippingWatch.
Crisis-struck Rickmers Maritime has delivered yet another huge loss. The Singapore-based company has now lost approximately USD 325 million over the past three years. CEO Søren Andersen and Chairman Bertram C. Rickmers still have faith in the future, however.
Rickmers Maritime has received word from HSH Nordbank that the bank may be willing to forgive debt if noteholders agree to a similar move. This development means that Rickmers Maritime is now putting together a new restructuring proposal.
Hard-strained Singapore-based Rickmers Maritime took a big hit on the bottom line in 2016, and in its annual report the company once again calls on its creditors for help in solving the massive financial difficulties enveloping the company.
Bondholders' rejection of Rickmers Maritime's restructuring proposal for the crisis-struck carrier could mean "a long and painful liquidation of the company," says Søren Andersen to ShippingWatch. Divestments are a necessity.
Bondholders in Singapore-based Rickmers Maritime have voted against a restructuring of the financially ailing company. The question of whether or not Rickmers Maritime will be able to survive is once again on the table.
Rickmers Maritime Trust is considering sending a Panamax vessel of only 7 years to be scrapped. In 2009, the youngest vessel to be scrapped was 24 years old, but overcapacity since then has pushed the scrapping age to drastically decline. A positive sign, according to one analyst.
Trouble for the ailing tax structure in Singapore-based Rickmers Maritime will not have consequences for Rickmers Holding. The company is completely separate from Rickmers Holding, maintains the German shipping group.
Large-scale impairments in the third quarter mean that German Rickmers Group's bottom line is more than halved so far in 2016, while operations and revenue also noted setbacks. The company still expects an operating result for 2016 significantly below last year's.