Ezion Sells Offshore Vessel to Astro
Singapore’s troubled liftboat operator Ezion Holdings has signed a memorandum of agreement to sell its offshore vessel Teras Genesis to the offshore and maritime chartering and brokerage company Astro Offshore.Ezion, in an attempt to reduce cash burn and shift focus to liftboats, has agreed to sell the vessel for cash consideration of US$2.25 million.The sale is expected to generate a gain of US$858,000 for Ezion, based on the vessel's US$1.39 million carrying value as at end-September.Ezion will use the sale proceeds to repay its secured bank loans. The mortgage over the vessel will be discharged after the sale.The debt-stricken offshore…
Rickmers Maritime is Latest Singapore Casualty
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. Singapore banks, which were caught off-guard by the collapse of oilfield services company Swiber Holdings last year, have taken a hit as the firms restructure their loans.
Rickmers Maritime Report Fair Sailing in 2013
In a letter to unitholders introducing its 2013 financial results, the chairman and the CEO of Rickmers Maritime, state that its commitment to long-term, fixed-rate container ship time charter agreements has provided insulation from the continued pressure on time charter rates, and 2013 saw an excellent operational performance, with a 99.7% vessel utilisation rate. "The decisions taken on the Rights Issue, the deleveraging of the business, and the multicurrency medium term note (MTN) programme ensure that the Trust enters the new year on a stronger footing.
A Container Ship Owner Who Got 2012 Right
"As we close the 2012 books, we have every reason to be satisfied with the Trust’s positive results," says Rickmers chairman. Extracts from chairman, Bertram R.C. The business performed well operationally, with all sixteen [container] vessels generating strong revenues. Rickmers Maritime, being specifically structured around long-term fixed-rate time charter contracts, is largely insulated from the renewed pressure on time charter rates. The challenges to our industry are by no means over.
