Rickmers Disposes of Panamax Boxship

Singapore-based Rickmers Trust Management (RTM), a trustee-manager of Rickmers Maritime, has entered into a memorandum of agreement (MOA) for the sale of Kaethe C. Rickmers, a Panamax containership. 

The vessel is securing senior loan facilities extended by HSH Nordbank AG, Singapore Branch and DBS Bank (the HSH Syndicate) to the trust (the HSH Facility).

The net proceeds from the sale will be used for the payment of operating costs of the secured vessels under the HSH Facility and partial prepayment of the same facility, according to the firm.

The company said it has also entered into a deed of consent with the HSH Syndicate to obtain their consent for the sale.

Rickmers Maritime will see an impairment loss of approximately USD 31.6 million for the sale in the fourth quarter of 2016.

The 5,060 TEU Kaethe C. Rickmers, previously known as Maersk Djibouti, was built by South Korean shipbuilder Hyundai heavy Industries (HHI) in 2004.

Market value of the vessel currently stands at USD 6.65 million, VesselsValue’s data shows.

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