Rickmers Group Slides Deeper into Red

Image Courtesy: Rickmers Group

Hamburg-based shipowner Rickmers Group wrapped up 2016 with a net loss of EUR 341 million (USD 371.5 million), much widened than a net loss of EUR 135.5 million (USD 147.6 million) posted a year earlier.

The company’s maritime assets segment suffered a net loss of EUR 271.1 million in 2016, against EUR 58.9 million in 2015. The loss in this segment, which acts as asset manager for the company’s own and third-party vessels, significantly affected the bottom line.

Revenues for the period also decreased and amounted to EUR 483.3 million, compared to revenues of EUR 587 million seen in 2015.

Revenues from charter dropped mainly due to the expiry of high-margin and follow-on charters at lower market rates as well as increased fleet idleness. Furthermore, revenues from freight declined due to decreasing freight rates and a lower number of completed vessel voyages.

On the other hand, revenues from shipmanagement increased due to the acquisition of new contracts for third-party ships under technical management.

In April 2017, Rickmers Group, which operates a fleet of 114 ships, reached an agreement with its stakeholders on the group’s financial restructuring.

Under the restructuring plan, Bertram Rickmers, the group’s sole shareholder, would reduce his stake in Rickmers Holding AG from 100% to 24.9%. This would enable key creditors, HSH Nordbank AG, the bondholders and possibly one further bank, to acquire a total stake of 75.1% in Rickmers Holding AG.

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