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OCBC suspends coverage of Rickmers Maritime

OCBC suspends coverage of Rickmers Maritime

Singapore: OCBC Investment Research has suspended its coverage of Rickmers Maritime as debt issues drag on. "In what is essentially a dragged-out and uncertain situation, we do not find offering a rating on Rickmers Maritime productive - as such we are suspending coverage of the trust," said Meenal Kumar, analyst, OCBC Investment Research said in a note. Earlier this week auditors Pricewaterhouse Coopers questioned the shipping trust's ability to continue to continue as a going concern causing Rickmers Maritime's share price on the Singapore Exchange to plunge 25.6% over two days. The auditor noted the Singapore-listed shipping trust had $138m in unfulfilled capital commitments for not taking delivery of vessels and $780.7m in funding requirements over the next 12 months. Rickmers Maritime also had $128.7m in borrowings due over the next 12 months. "The key determinant of the outcome is how close the banks and the sponsor are to reaching an overall agreement," OCBC said. Rickmers Maritime has been in discussions with its financiers for 12 months now, but is yet to reach agreement. [26/03/10]

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