Rickmers Paints a Bleak Picture

Image Courtesy: Rickmers Maritime

Rickmers Group recorded EUR 131.5 million (USD 146.9 million) loss in the first half of this year due to the weak operating results and EUR 124 million in extraordinary net impairments on vessels.

Rickmers, a service provider in the maritime transport sector and a containership owner based in Hamburg and Singapore, saw a 13.9 percent decrease in its revenues in the first half of this year, that amounted to EUR 249.3 million (USD 278 million), against EUR 289.6 million during the same period in 2015.

According to the company, factors that influenced the group’s revenue decline are a persistently strained market situation, expiring high-margin charter contracts, follow-on charters at the prevalently low market rates, lower freight earnings, and a sharper decline in capacity utilitization in the project cargo business.

Furthermore, in the Maritime Assets business segment, the group generated revenues of EUR 172.9 million during the six-month period of this year, compared to EUR 199.6 million in the first half of the last year.

The Maritime Services segment reported revenues of EUR 65.2 and the Rickmers-Linie segment revenues of EUR 64.9 million.

In the first half of 2016, Rickmers reached an agreement with one of its main banking partners on the early term extension to 2020/2021 of a EUR 520 million portion of the group’s existing loan package.

“In view of the lowered forecasts for global economic growth as well as the global container trade, the Rickmers Group currently sees no sign of a macroeconomic recovery in the second half of the year. This situation is reflected by the development of charter and freight rates, which the management sees as likely to remain at their current low levels,” Rickmers Group said, confirming its outlook for 2016.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >