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Thursday, April 27, 2017

Rickmer's Group Worth $740 Million

Rickmers Group fleet value, from March 21, 2016 (Source: VesselsValue)

Following last month’s news that Singapore Based Rickmers Maritime Trust is to be wound up, Rickmers Holding AG released a statement on April 19 reporting that an understanding had been reached regarding restructuring of the Rickmers Group. It is understood that sole shareholder Bertram Rickmers will reduce his shareholding to below 25 percent, while the remaining 75 percent will be taken by lenders and bondholders. The value today of the Rickmers Group (a Rickmers Holding AG subsidiary) sits at $740 million, according to VesselsValue.

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities. For many years the companies have worked together in ship insurance and ship brokerage. These partnerships are to be intensified and extended to other ship management activities. Both companies keep the content of the merger discussions in confidence. Rickmers Holding AG will continue to pursue its strategy, particularly in respect of expanding the fleet under third-party management. Additionally, processes are to be optimised, structures streamlined and profitability increased. Ignace Van Meenen, CEO of the Rickmers Group, explained the objective: “We aim to continue establishing and expanding customer relationships in an ongoing and focused way.

Rickmers 9M Revenue Slips

Courtesy Rickmers Group

Hamburg, 11 November 2016 – In the first nine months of 2016, the Rickmers Group generated consolidated revenues of € 373.6 million. This represents a decline of 15 percent versus the previous year’s period (€ 439.7 million). This fall is due mainly to the persistently strained market situation through the expiry of further high-margin charter contracts, temporary fleet idleness and follow-on charters at current low market rates. Furthermore, lower revenues from freight and a stronger fall in capacity utilisation in the project cargo area also had a negative impact.

Rickmers Sells Entire Containership Fleet to Navios

CMA CGM Azure (Photo: Rickmers Maritime)

Owner and operator of dry bulk and container vessels Navios Maritime Partners L.P. said it has reached an agreement to acquire Rickmers Maritime’s entire containership fleet. The deal, worth about $113 million, will see Navios Partners acquire 14 container vessels from Rickmers Maritime though a wholly owned subsidiary, Navios Partners Containers Inc. Three of the container vessels are 3,450 TEU, and 11 are 4,250 TEU, combining for a total 57,100 TEU. The average age is 9.5 years.

Rickmers Maritime is Latest Singapore Casualty

File Image: CREDIT Rickmers

Company struggled with debt in wake of shipping downturn. Debt includes over $270 mln in secured loans. Rickmers Maritime, a Singapore-listed trust that operates container ships, said it would be wound up as it has been unable to reach an agreement with its lenders to restructure debt or raise new equity. Struggling in the wake of a global shipping downturn, Rickmers joins other Singapore-listed companies from the offshore and marine sectors that have been grappling with debt in the last year.

Erdmann Named Rickmers Deputy CFO

Dr. Mark-Ken Erdmann, Rickmers Deputy CFO

Dr Mark-Ken Erdmann will join Rickmers Holding in Hamburg as Deputy CFO as of 1 July 2012. In this position, he will be responsible for a broad range of corporate functions including Accounting & Controlling, Tax, IT, Human Resources, Legal Affairs, as well as Mergers & Acquisitions. He will report to Dr Ignace Van Meenen, who in addition to his role as CFO, was recently nominated Deputy CEO of the Rickmers Group. Dr Erdmann is joining Rickmers from Bertelsmann AG, where he has been CIO and Member of the Corporate Centre Board…

Rickmers Group Revenue Slides in First Half of 2016

In the first half of 2016 the Rickmers Group generated consolidated revenues of €249.3 million ($279 mln), 13.9 percent lower than in the corresponding period in 2015 (€289.6 million, $324 mln). The main underlying factors are the persistently strained market situation, expiring high-margin charter contracts, follow-on charters at the prevalent low market rates, lower freight earnings, and a sharper decline in capacity utilization in the project cargo business. The Group’s operating result before interest, taxes, depreciation and amortization (EBITDA) saw a clear fall of 36.1 per cent to € 87.7 million ($98.2 mln)  (H1 2015: € 137.4 million) ($153.87 mln )…

Rickmers Pact with Commerzbank AG

Photo: Rickmers Maritime

Financially-strapped Rickmers Maritime has entered into a deed of consent with Commerzbank AG, Singapore Branch, reports Reuters. Rickmers Trust Management Pte. Ltd., the holding Trustee, has entered into a memorandum of agreement for sale of "India Rickmers" vessel securing CMB facility. The deed in relation to a settlement of senior loan facilities is extended by CMB to a subsidiary of trust. CMB has agreed to waive repayment of a material portion of remaining debt owed under CMB facility following partial prepayment.

Rickmers-Linie Carries Linde Coldboxes to Saudi Arabia

Components for industrial plants are regularly shipped on board Rickmers-Linie’s heavy lift multipurpose vessels, supporting supply chains for a wide range of industries. In November, Rickmers-Linie carried two coldboxes, which had been manufactured by Linde AG, from Bremen to Jubail in Saudi Arabia. Loading onto the ocean vessel Rickmers Chennai took place in Bremen in November. The two 31.44m x 14m x 9.5m coldboxes, weighing 359 metric tons each, were lifted onboard by the ship’s own cranes.

Struggling Rickmers Sells Off Another Vessel

Pic: Rickmers Maritime

Singapore-based Rickmers Trust Management (RTM), a trustee-manager of Rickmers Maritime,  is selling off a new ship from its fleet to ensure the company stays afloat. This means an impairment loss in the fourth quarter 2016. Rickmers has entered into a memorandum of agreement (MOA) for the sale of Kaethe C. Rickmers, a Panamax containership. The vessel is securing senior loan facilities extended by HSH Nordbank AG, Singapore Branch and DBS Bank (the HSH Syndicate) to the trust (the HSH Facility).

Rickmers-Linie Ships Kirow Railway Cranes to China

Photo courtesy Dunelm Public Relations Limited

Extraordinary shipments are a common sight at the Wallmann terminal in Hamburg. The breakbulk terminal, in which Rickmers-Linie holds a share of just over 25 per cent, specialises in the handling of out-of-gauge, heavy lift and project cargo. At the end of September 2010, a particularly unusual cargo was loaded onto the multipurpose vessel Rickmers Jakarta: three rail-mounted cranes manufactured by Kirow AG en route for the Far East. The shipment is bound for Xingang, China, where it is scheduled to arrive on 24 November 2010.

Widdows to Lead Rickmers

Ron Widdows to take over from Jan B Steffens as CEO of Rickmers Holding and Rickmers-Linie. After ten very successful years with the Rickmers Group and especially, with Rickmers-Linie, Jan B Steffens will by 31 March 2012 step down from the twin positions of CEO of Rickmers Holding and of Rickmers-Linie although he will continue to serve on the Rickmers Group advisory board. Ronald D Widdows, former CEO of NOL/APL, is to become the new Chief Executive Officer of Rickmers Holding and Rickmers-Linie as of 1 April 2012. Rickmers’ Chief Financial Officer Dr Ignace Van Meenen will act as his deputy. Announcing this change, Bertram R C Rickmers…

New CFO for the Rickmers Group

 Dr Ignace Van Meenen has taken up the position of Chief Financial Officer (CFO) of the Rickmers Group.

Dr Ignace Van Meenen has taken up the position of Chief Financial Officer (CFO) of the Rickmers Group effective 1 October 2011. In this function, Dr Van Meenen will press ahead with the realignment of the group of companies to enable it to respond faster and more flexibly to the demands of changing shipping markets. Holding a doctorate in law, Dr Van Meenen began his professional career in the investment division of Deutsche Bank in the USA and Germany. There followed various…

New CFO for the Rickmers Group

Dr Ignace Van Meenen

Dr Ignace Van Meenen has taken up the position of Chief Financial Officer (CFO) of the Rickmers Group effective 1 October 2011. In this function, Dr Van Meenen will press ahead with the realignment of the group of companies to enable it to respond faster and more flexibly to the demands of changing shipping markets. Holding a doctorate in law, Dr Van Meenen began his professional career in the investment division of Deutsche Bank in the USA and Germany. There followed various…

Rickmers ChristensFour Containerships

Photo: Rickmers

Even for Hyundai Heavy Industries (HHI), the world’s largest shipyard group, it was a remarkable occasion. In a quadruple naming ceremony at HHI’s Ulsan shipyard on July 2, Rickmers Group christened four ultra-large container ships (ULCS) of 13,100 TEU each. Each of the four ships, Pearl Rickmers, Ruby Rickmers, Aqua Rickmers and Coconee Rickmers, has a service speed of 24.3 knots. They have been chartered longterm to Maersk Line and will join Maersk’s “E-class” as Maersk Edinburgh, Maersk Emden, Maersk Eindhoven and Maersk Essen.

Massive Tunnel Boring Machine Shipped

construction of a 4.05km long road tunnel in Kuala Lumpur, has been loaded on board Rickmers Singapore and is currently being shipped eastbound to the port of discharge, Port Kelang in Malaysia. The massive tunnel boring machine (TBM) was built by Herrenknecht AG, which manufactures an entire range of mechanical tunneling machines in Schwanau, Germany. responsible for the transportation of the entire project from ex-factory to the construction site in Kuala Lumpur, Malaysia. Hamburg-based global project liner and heavy lift specialist. The TBM was carried from Schwanau down the Rhine to Antwerp by barge where the component parts were stowed on board Rickmers Singapore. The two heaviest pieces comprised the 13.21m diameter cutting head weighing 120 tons and another piece weighing 145 tons.

Ulrich Ulrichs is Appointed Managing Director of Rickmers-Linie

Ulrich Ulrichs, Managing Director

Rickmers-Linie, part of Hamburg’s Rickmers Group, has promoted Ulrich Ulrichs to the position of Managing Director. Mr Ulrichs joined Rickmers-Linie in 2005 when he took over responsibility for Line Management. In 2008 he became Director of this division before being appointed Deputy Managing Director in August 2011. Mr Ulrichs will work alongside Rüdiger Gerhardt, who has held the title of Managing Director since 1 July 2011 as well as Head of Logistics Services for the Rickmers Group.

Sappio Appointed President & CEO of Rickmers Americas

Robert Sappio

The Rickmers Group has appointed Robert Sappio to the position of President and CEO of Rickmers Americas. He will report to Ronald D Widdows, CEO of Rickmers Holding. Sappio will be responsible for all aspects of Rickmers Group’s business in the Americas: including Rickmers-Linie (America) which is based in Houston, Texas, and the Maersk-Rickmers US Flag joint venture, which operates multi-purpose heavy lift cargo ships. For the Rickmers-Linie business, Mr Sappio will also report to Ulrich Ulrichs and Rüdiger Gerhardt…

Change in Rickmers Executive Board

Following 10 years with the Rickmers Group and after the successful conclusion of financing agreements for the Rickmers Group’s newbuilding programme consisting of container and multi-purpose vessels, Dr Moritz Mittelbach has stepped down as CFO and Managing Director of Rickmers Holding GmbH & Cie KG and Pacific Holdings International GmbH & Cie KG with effect from 31 January 2011 at his own request. With his expertise, Dr Mittelbach successfully guided the Rickmers Group through the difficult phase of the financial and shipping crisis; he will continue to bring his experience to bear by serving the company in an advisory role. The Executive Board thanks Dr Mittelbach for his important contribution.

Nagoya, Japan joins Rickmers' Rotation

Nagoya, Japan joins Rickmers' Round-the-World Pearl String Service. As from September 2012, the port of Nagoya will be added to Rickmers-Linie’s Round-The-World Pearl String Service schedule on a monthly basis. Shippers will now be able to ship directly to Houston, New Orleans, Savannah, Philadelphia, Antwerp and Hamburg. The service also offers additional relay opportunities over Rickmers' hub port in Houston to other ports in the Caribbean and Central/South America. The upgraded service will employ nine Rickmers Hamburg-class vessels, purpose-designed conventional vessels with strengthened pontoon tweendecks, hold lengths up to 32 meters and shipboard cranes that can be twinned to lift up to 640mt. These 30,000dwt ships are not dependent on the availability of landside heavylift cranes.

Rickmers Hamburg

Type Multipurp. Combining a specialization in project and heavy-lift freight with long experience in liner-type service, Hamburg-based Rickmers-Linie has opened a major new stage of fleet development entailing nine ships of the Superflex Heavy MPC (multipurpose container carrier) designation. First-of-class Rickmers Hamburg is every inch the modern maid-of-all-work, offering a 640-ton unit lift capacity along with a variable hold space configuration suited to the widest range of breakbulk and conventional cargoes as well as large, indivisible items of freight. The 30,000-dwt Superflex series is due to extend to nine ships before the end of next year, with construction having been distributed among three yards in China.

Rickmers Tianjin Named in Mumbai

Rickmers Tianjin has now joined her sistership Rickmers Yokohama, seen here in the English Channel, on the Europe India Service

As part of its upgrading program for its Europe India service, Rickmers-Linie, has added the 17,000dwt newbuilding Rickmers Tianjin to the schedule. The base ports served are Hamburg, Antwerp, Genoa, Mumbai and Chennai but the service is capable of serving a wide variety of additional ports on inducement. Rickmers Tianjin joins her sistership Rickmers Yokohama and the charter ships Linde, Martin and Baltic Winter on the Indian service. On her maiden voyage from Europe, Rickmers Tianjin was named in the Port of Mumbai on 9 January.

Rickmers-Linie Adds Ships to Middle East/India Service

Rickmers-Linie, Hamburg, signed a long-term chartering agreement with Samudera Indonesia, Jakarta, securing additional modern capacity to complement its existing fleet deployed on its Middle East and India service. The two multipurpose vessels chartered by Rickmers are the 8,900 dwt Sinar Kudus and 9,100 dwt Ardhianto, built in Japan in 1994 and 1999 respectively. Both ships have box-shaped holds and ‘tweendecks. Shipboard cranes enable Sinar Kudus to lift individual pieces of cargo weighing up to 60 tonnes and Ardhianto 50 tonnes. The first vessel to load for Rickmers under this new charter agreement will be Sinar Kudus in late August. Schedule details for the Middle East/India service and company information are available on the Rickmers-Linie website: www.rickmers-linie.com.

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