Rickmers Trust Management Warns of Expected Full Year Loss

Singapore’s Rickmers Trust Management Pte. Ltd., the trustee-manager of Rickmers Maritime, is expected to report a net loss for the fourth quarter ending 31 December 2015 and full year ending 31 December 2015.

“In light of the depressed chartering markets, the Trustee-Manager is of the view that it is appropriate to recognize impairment charges on its vessels in its 4Q2015 financial results amounting to about USD 129 million,” RTM said.

The impairments will be reflected in the income statement, thereby resulting in a net loss for 4Q2015 and FY2015.

Further details on the full year results of are to be disclosed when the Trustee-Manager releases its unaudited consolidated financial results for FY2015 in February 2016.

The announcement comes on the back of RTM’s reported charter revenue of USD 27.4 million and net profit of USD 9 million in the third quarter of 2015, down by 17 and 14 percent respectively when compared to 2014.

The lower revenue was attributed mainly to lower market charter rates of seven vessels which commenced new charters over the course of the year.

RMT operates a fleet of 16 container ships it leases to shipping firms.

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