A disgruntled individual bondholder of bankrupt Rickmers Maritime has dropped a suit aimed blocking the sale of the trust’s fleet to Navios Maritime Partners.

Navios Maritime Holdings is set to takeover Singapore-listed First Ship Lease Trust (FSL Trust).

First Ship Lease Trust (FSL Trust) has inked a new agreement to extend the bareboat charters for three oil products tankers.

Rickmers Maritime is being wound-up after failing to agree a financial restructuring.

First Ship Lease Trust’s (FSL Trust) auditors Moore Stephens have flagged going concern issues in relation to its 2016 financial statements.

Beleaguered Singapore shipping trust Rickmers Maritime has until 15 April to present a revised restructuring plan to its main financier HSH Nordbank.

First Ship Lease Trust (FSL Trust) has sank into the red for 2016 as the shipping trust took a $44.14m impairment loss on eight ships.

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.

Beleaguered Singapore shipping trust Rickmers Maritime says it is evaluating two alternative restructuring plans after noteholders voted against its original plans in December.

First Ship Lease Trust’s (FSL Trust) ceo Alan Hatton has resigned over alleged “misconduct and breach of duties”, the trustee-manager FSL Trust Management announced.

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