Yesterday (2017-04-19) Rickmers Holding AG released a statement that an understanding had been reached regarding restructuring of the Rickmers Group. This follows on from news in that last month that Singapore Based Rickmers Maritime Trust is to be wound-up.
It is understood that the sole shareholder, Bertram Rickmers, will reduce his shareholding to below 25%. The remaining 75% will be taken by lenders and bondholders.
The value today of the Rickmers Group (subsidiary of Rickmers Holding AG) sits at USD 740 million. The group owns 4 handy container newbuildings currently being constructed at Jiangsu New Yangzijiang in China. These newbuildings are worth USD 68 million.
The fleet is made up of 4 MPP vessels, 2 vehicle carriers and 35 container vessels ranging from Feedermax class to New Panamax.
Over the last 12 months the fleet has declined in value by 31%. This matches the decline of the liner business that is plagued by oversupply of tonnage and slow demand growth. See VesselsValue’s fleet value, containing transactions, since March 2016.