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PWC casts doubt over Rickmers Maritime

Singapore: Auditors PricewaterhouseCoopers have questioned Rickmers Maritime's ability to continue as a going concern.

In a disclaimer to its auditor's report PWC 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.

Additionally, PWC noted Rickmers Maritime was in discussions with its banks over loan covenant  waivers, and has contingent liabilities on unfulfilled capital commitments. The trust is yet to secure funding for a quartet of 13,100 teu newbuildings due to start to be delivered from Hyundai Heavy Industries later this year.

PWC said these conditions showed there was material uncertainty and "significant doubt" over Rickmers Maritime ability to continue as a going concern. [24/03/10]

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