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Rickmers Group lost USD 147 million in first half of 2016

Impairments hit Germany's Rickmers Group with a major deficit for the first half of the year, in which the group was especially hurt by the weak container market and the project activities in Rickmers-Linie.

The operating profit at German-based Rickmers Group - whose primary activities are owning and operating container ships along with project cargo and heavy lift through Rickmers-Linie - dropped 36 percent in the first half of 2016 against the same period last year. An EUR 124 million (USD 139 million) fleet impairment triggered a net deficit of EUR 131.5 million, or USD 147 million, for the first six months of 2016, informs Rickmers Group in a statement ahead of the publication of the group's full second quarter interim report on August 30th.

Operating profit (ebitda) for the first six months of 2016 came to EUR 87.7 million from the group's total revenue of EUR 249.3 million, a setback of close to 14 percent compared to the first half of 2015.

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