Rickmers Drops Newbuild Acquisition Plan

27 April 2010 (Last Updated April 27th, 2010 18:30)

Financial turmoil has forced Rickmers Maritime Trust to drop its plans to acquire newbuilds worth $917.8m from its parent Rickmers Group. The Singapore-listed trust has signed an agreement with Rickmers Group subsidiary Polaris Shipmanagement that discharges it from purchasing seven new

Financial turmoil has forced Rickmers Maritime Trust to drop its plans to acquire newbuilds worth $917.8m from its parent Rickmers Group.

The Singapore-listed trust has signed an agreement with Rickmers Group subsidiary Polaris Shipmanagement that discharges it from purchasing seven newbuilds.

The trust was looking for finance for a quartet of 13,100teu boxships being built at Hyundai Heavy Industries for long-term charter to Maersk.

The trust will pay Polaris $64m in compensation, according to seatradeasiaonline.com.

The trust’s first quarter, ended 31 March 2010, reported a 51% decline in net profit to $5.4m and its distribution per unit fell 73% on-year to $0.57.