Rickmers
Maritime has sold its second container ship for scrap in as many months as the
financially troubled Singapore-based charter ship manager struggles to pay off
its debts.
Container
lines and shipowners have been increasing scrapping activity to bring container
shipping supply and demand in balance, but a surge in mega-ship deliveries in
2017 could make that goal elusive. Around 1.7 million 20-foot-equivalent units
of container ship capacity are expected to be delivered in 2017, more than
double the 717,000 TEUs that will likely be scrapped this year, according to
IHS Markit data.
Rickmers
said it will book an impairment loss of approximately $31.6 million in the
fourth quarter for the sale of the Kaethe C Rickmers.
The
2004-built vessel with a capacity of 5,060 TEUs has a value of around $6.3
million, according to IHS Markit data.
Rickmers
said the proceeds of the sale will go towards paying the operating costs of
“secured” vessels under a loan facility by the HSH syndicate — the Singapore
branch of Germany’s HSH Nordbank and DBS Bank — and partially repay the loan.
The
sale of the Kaethe C Rickmers follows the disposal in November — also for
demolition — of the seven-year-old, 4,250-TEU Rickmers India, the youngest
vessel to be scrapped at the time, to partially pay off a loan from German bank
Commerzbank AG.
The
two sales have reduced Rickmers Maritime’s fleet to 14, all classic Panamax
vessels of 4,000 to 5,100 TEUs that are facing a bleak future of tumbling
freight rates and unemployment following the opening of the enlarged Panama
Canal last summer that can handle ships of up to 13,500 TEUs.
Rickmers’
survival is under threat after bondholders rejected its planned debt
restructuring measures at a meeting in late December.
The Rickmers India has lost its status as the
youngest scrapped ship following reports that the 4,249 Hammonia Reederei, a
German-owned vessel that is a few months younger, has been sold for demolition
after coming off hire to Maersk Line in November.
Source: 26 January 2017
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