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

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.