Creditors get just 12 cents in the dollar as Rickmers Trust winds up

Creditors get just 12 cents in the dollar as Rickmers Trust winds up

Lenders and noteholders in bust Rickmers Trust Management will get back just 12 cents for every dollar they invested in the container ship leasor.

The Bertram Rickmers-controlled Singapore outfit revealed Tuesday that it has completed the sale of its 14 boxships to Navios, marking the end of the company which first listed on the Singapore Exchange 10 years ago.

Containership leasing was a hot investment a decade ago, but the massive increase in ship sizes left many leasors left with unpopular 4,000+ teu-class ships that have become hard to charter in the wake of the expansion of the Panama Canal last year. A vast swathe of the so called classic panamax boxship fleet was sent for demolition last year.

The sale of the fleet to Navios comes, ironically, just as this sub-sector finally shows genuine signs of picking up with analysts Alphaliner noting in its most recent weekly report: “[T]he tally of spot and prompt tonnage has decreased substantially. Three vessels in long term lay-up were re-activated to meet the current demand.”

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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