Rickmers Maritime wind up process sees Navios take entire fleet for $113m

Navios Maritime Partners has given Rickmers Maritime a hand to speed up its winding up process with an agreement to acquire the Singapore trust’s entire containership fleet for around $113m.

The 14 vessels are made up of eleven 4,250 teu vessels and three 3,450 teu vessels and have an average age of 9.5 years. Five of the larger vessels are chartered out through to 2018-2019 at a net daily rate of $26.850. The vessels will start delivering to Navios from May 15.

Angeliki Frangou, chairman and CEO of Navios Partners, commented: “Our operating platform was attractive to the Trust and its lending banks because of our disciplined technical and commercial management and favourable operating costs. This acquisition demonstrates our ability to source proprietary deals, and we continue to seek exposure to the container sector.”

Navios said the acquisition is being financed through $20m equity investment from Navios Partners and a secured loan facility, which is currently under discussion.

Meanwhile, Rickmers Trust Management says that the proceeds from the proposed sale will be applied towards the full repayment of its senior secured loan facilities, and the remainder will be distributed to the Trust’s unsecured creditors.

“The proposed transaction meets the Trust’s objectives of delivering value on an accelerated basis to all creditors to avoid uncertainties and risks involved in a protracted winding up process,” Rickmers said in announcement on the Singapore Exchange.

Rickmers announced it would be wound up last week after it failed to work out a deal with its lead creditors.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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