Beleaguered Singapore shipping trust Rickmers Maritime has until 15 April to present a revised restructuring plan to its main financier HSH Nordbank.
Rickmers Maritime auditors warn of another $360m of impairments against the value of its fleet if it liquidates as the Singapore shipping trust fights for survival.
Zeaborn Group is continuing on the expansion trail taking over Rickmers-Linie and NPC projects as the multi-purpose sector faces difficult market conditions.
Rickmers Maritime has successfully passed the first hurdle to its financial restructuring with it approved by unitholders, however, the much more difficult issue of its bondholders awaits next week.
The chief of financially-troubled shipping trust Rickmers Maritime “firmly believes’ it will be one of the container tonnage providers to survive the current market clean-out.
German shipowners the Rickmers brothers have called off plans to merge the ship management activities of their respective companies.
Brothers Bertram and Erck Rickmers are in talks about merging the ship management unit of their respective companies into worldwide joint venture.
Masterbulk has chosen Rickmers Shipmanagement to manage 16 of its vessels.
Maersk Line says it is dialogue with the Iranian courts over the Maersk Tigris which was seized over a week ago.