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Friday, December 15, 2017

Rickmers Holding Ag News

HSH Nordbank Rejects Rickmers Restructure

Photo: Rickmers Group

Board of HSH Nordbank AG has surprisingly denied approval of the term sheet regarding the financial restructuring of the Rickmers Group, says a press release from the group. Rickmers Holding AG strives for restructuring in self-administration on the basis of continuation of the business and vessel operations, the release said. On 19 April 2017, Rickmers Holding AG reached an understanding with, inter alios, HSH Nordbank AG on a term sheet regarding the restructuring of material…

Rickmers to File for Insolvency as Revamp Fails

German shipping group Rickmers said it would file for insolvency after bondholder HSH Nordbank rejected its restructuring plan a day ahead of a last-ditch bondholders' meeting. Rickmers had proposed a revamp plan under which the equity stake of owner Bertram Rickmers was to be reduced to 24.9 percent, while bondholders, HSH Nordbank and potentially another bank would hold 75.1 percent. But HSH "highly surprisingly" rejected that plan, Rickmers said in a statement on Wednesday. "According to the assessment of the management board and supervisory board of Rickmers Holding AG the positive going concern prognosis of Rickmers Holding AG does therefore no longer apply," it said, adding its management board would file for insolvency without undue delay.

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 to Continue Ship Management under New Owners

(Photo: Rickmers)

German shipping group Rickmers, which filed for insolvency in June, said on Thursday its ship management unit had the all-clear to continue business after it was bought by Bremen-based Zeaborn Group and owner Bertram Rickmers. The company said in a statement that a consortium consisting of Zeaborn and Bertram Rickmers bought the division, which has its main sites in Hamburg, Singapore and Cyprus after they won a bidding process. "It has only taken a few months after preliminary self-administration of the assets of Rickmers Holding AG was ordered to find a solution for continuing the business…

Rickmers-Linie Sold to ZEABORN

Photo: Rickmers Group

Marking further consolidation in the breakbulk and project cargo sector, Rickmers Group said it has sold its business operations of Rickmers-Linie to ZEABORN. Rickmers-Linie GmbH & Cie. KG and MCC Marine Consulting & Contracting GmbH & Cie. KG, which are both fully-owned by Rickmers Holding AG, reached agreement to sell their respective operating businesses to ZEABORN Chartering GmbH & Co. KG on February 7, 2017. The planned sale, subject to the approval of the financing banks of the Rickmers Group and subject to anti-trust authorities…

Paefgen Named Chairman of ZF's Supervisory Board

The Supervisory Board of ZF Friedrichshafen AG appointed Dr.-Ing. Franz-Josef Paefgen as its new chairman, at an extraordinary meeting on December 4, 2017. Paefgen, a member of the Supervisory Board since 2008, will succeed Prof. Dr. Giorgio Behr. Since 1976, Paefgen has held various managerial positions in the automotive industry. From 1995 until 2002, he was member of the Board of Audi AG, and from 1997, he was chairman of the Board of Management. From March 2002, he was responsible for the Bentley brand, and as chief representative of Volkswagen AG, was also responsible for Volkswagen's Corporate Research and Motorsports. Between 2003 and 2005, Paefgen was head of Bugatti Engineering GmbH. From 2007 up to his retirement in 2011, he was president of Bugatti Automobiles S.A.S.

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.

AGCS Makes Leadership Changes in North America

Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) announced today that effective December 31, Henning Haagen will take over as North American Regional Head of Specialty Lines, and Rich Soja will become the North American Regional Head of Marine. These appointments follow the retirement of John Barnwell after more than 20 years with the company. While taking on these new responsibilities, both Haagen and Soja will continue in their current roles as Northeast Zone Executive in the U.S. and Global Head of Inland Marine, respectively. Since joining Allianz in 2008, Haagen has held a range of global leadership positions within the organization both in Munich and London…

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.

Hapag-Lloyd Bullish on Mexico

Photo: Hapag-Lloyd

The German shipping line serves sectors such as pharmaceuticals, the automotive industry and the technology sector in Mexico / After evaluating performance in 2017, the company expects the volume of maritime shipping to experience double-digit growth in 2018 and foresees a continuous increase in cargo volumes. On holding its annual meeting with Latin American leaders in Mexico, the shipping line Hapag-Lloyd pointed to significant growth in infrastructure and operational capacities in the country on reporting its year-end closing for 2017.

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…

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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