Rickmers Maritime warns trust could be wound up

Rickmers Maritime warns trust could be wound up

The trustee-manager of Rickmers Maritime warned last night that the trust could struggle to continue as a going concern as a default on an interest payment looms.

Rickmers Trust Management said the grace period of five business days from the November 15 due date on the S$4.26m interest has lapsed.

Rickmers Maritime is also in default under terms of the agreements of bank loans extended to the shipping trust and its subsidiaries.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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