Rickmers Maritime cuts newbuilding obligations

Singapore: Rickmers Maritime Trust has cut itself away from seven newbuildings its was due to acquire from its parent Rickmers Group. The Singapore-listed Trust has signed a terms sheet with Rickmers Group subsidiary Polaris Shipmanagement that discharges it from purchasing seven nebuildings worth $917.8m. The trust had been struggling for over a new to finance the newbuildings which include a quartet of 13,100 teu boxships being built at Hyundai Heavy Industries for long term charter to Maersk. The trust will pay Polaris $64m in compensation. The deal requires the approval the trust's unitholders. [26/04/10]