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Rickmers Group in the red following massive impairment

An impairment of EUR 103 million pulls Germany's Rickmers Group into a net deficit of EUR 94.2 million for the first nine months of the year. The group's combined fleet grew to 138 ships in the period.

Photo: Rickmers Group

Rickmers Group suffered a net loss of EUR 94.2 million in the first nine months of the year, according to the third quarter interim report. The deficit is attributed to an extraordinary impairment of EUR 103 million on the company's shipping assets, and the move has a severe impact on the consolidated result.

The impairment is especially related to ships charter contracts set to expire soon at subsidiary Rickmers Maritime, which is listed in Singapore and of which Rickmers owns a 34.19 percent stake. The last time the group performed an impairment was back in 2011, and without this latest impairment Rickmers Group's result would have landed at EUR 9.2 million, according to the report.

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