Rickmers Trust sends another boxship for scrap

Rickmers Trust sends another boxship for scrap

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.

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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