Rickmers Trust Management continues to slim down its fleet in order to keep creditors at bay. The 2004-built, 5,100 teu Kaethe C. Rickmers is the latest vessel to head to the scrapheap. Net proceeds will go to pay back loans owed to HSH Nordbank and DBS Bank. The sale will result in a $31.6m loss for the struggling Singapore box operator.
Rickmers Trust raised eyebrows last year when it sent the seven-year-old India Rickmers for scrap, creating a new record for the youngest boxship yet to be sent for recycling.