• 2017 July 13 15:23

    Rickmers Trust announces the sale of its nine vessels to Navios

    Rickmers Trust Management Pte. Ltd., in its capacity as trustee-manager (the “Trustee-Manager”) of Rickmers Maritime (the “Trust”) refers to the announcements dated 21 April 2017, 14 May 2017 and 25 May 2017 in relation to the proposed sale of 14 vessels owned by the Trust to Navios Partners Containers Inc. and Navios Partners Containers Finance Inc. (collectively “Navios”) pursuant to the winding up of the Trust and the completion of the sale of five vessels previously secured under the BNP Facility, the Company press release said.

    The Trustee-Manager wishes to announce that the HSH syndicate (comprising HSH Nordbank AG and DBS Bank Ltd) has approved the sale of the remaining nine vessels secured under the HSH Facility, for a total consideration of US$54 million plus an amount to support settlement of operational cash deficits to closing. The sales of these nine vessels are expected to be completed in parts from 12 July 2017. As the vessels are secured to the HSH syndicate, with total proceeds below the loan outstanding due and payable to the HSH syndicate, the proceeds from the sale of these nine vessels will be paid in full to the HSH syndicate as part settlement of the HSH syndicate loan.

    After funding cash burn, operating expenses, and the settlement of costs associated with the winding up of the Trust, unsecured creditors are expected to receive total proceeds of approximately US$27 million. This represents recovery of 11.4% pari passu to noteholders as well as senior lenders with remaining loans outstanding after repayment from the sales of their respective secured vessels.

    Pursuant to the winding up of the Trust, the Trustee-Manager will engage its Independent Auditor, PricewaterhouseCoopers LLP, to perform certain agreed upon procedures in relation to reviewing the Trust’s final distribution statements, including the final cash recoveries to the unsecured creditors of the Trust.

    The Trustee-Manager will advise the specific amount of recoveries to unsecured creditors via their respective agents and trustees and the distribution of such recoveries is expected to be made in the third quarter of 2017.




2017 July 22

15:46 Gazprom Neft to utilise capacity at the St Petersburg Polytech supercomputer
14:22 French shipyard holds naming ceremony for new French icebreaker L’Astrolabe
11:58 Carnival Cruise Line unveils newly renovated cruise ship-themed exhibit at Miami Children’s Museum
10:53 GCT appoints Grosman as new President and CEO

2017 July 21

18:32 Hapag-Lloyd's MV NORASIA ALYA to omit San Antonio Port on MSW Service
18:03 MOL's Kinkasan Maru's engine control console gets 1st 'Ship Heritage' certificate
17:54 Bahri beefs up its fleet of VLCCs with delivery of 300,000dwt tanker ASLAF
17:33 Svitzer will provide marine support services for the Excelerate Energy FSRU in Bangladesh
17:08 The Port of Southampton welcomes ARA Libertad
16:46 Australian LNG exports to surge 22% this year, expert says
16:35 Duke University secures funding of a new marine lab RV construction
16:00 Workshop in Tunis briefed participants on functioning, operation and use of LRIT system
15:37 Drewry: World Container Index drops 6.3% (Jul 20)
15:14 Ukraine’s water transport carried 0.2 mln passengers in Jan-Jun'17, up 27.5%, Y-o-Y
14:52 Cargo transportation by Ukraine’s water transport down 6.7% to 2.3 mln t in 6M’17
14:31 Shell contracted to provide lubes and services for OOCL Hong Kong
14:06 Far East Crab Catchers Association: world’s first ship dedicated for crab catching can be designed and built in Russia
13:40 Krasnoye Sormovo shipyard launches chemical carrier Balt Flot 16 of Project RST27М for BF Tanker
13:15 Fincantieri enters partnership agreement with MAPEI
12:53 ME MetroElectroTrans buys out river fleet of Volgograd for RUB 32.5 mln (photo)
12:42 Harley Marine Services adds new tug DR HANK KAPLAN to its fleet
12:14 NextDecade signs MOU with Port of Cork to develop FSRU and LNG import terminal infrastructure
11:37 MAIB reports on tug Dominigue capsize accident in Madagascar resulting in 2 fatalities
11:19 In HI’2017 TransContainer transported 869,000 TEUs, up 18.7% Y-o-Y
10:58 Academic Pashin tanker underwent inclining experiment at Nevsky Shipyard
10:23 First Damen dredger for Australia TSHD 650 en route to Gippsland Ports
10:16 JFSE launches patented revolutionary jetting technology for subsea excavation
09:59 Oil spill response workshop held in Senegal
09:34 Indicative bunker prices go up at the port of Saint-Petersburg, Russia (graph)
09:17 Baltic Dry Index up to 964 points

2017 July 20

18:35 Wärtsilä reports order intake and net sales growth in H1 2017
18:10 Workshop of International Dialogue on Migration held in Geneva
17:49 ClassNK Singapore marks 50 years with anniversary party
17:35 UK's MCA conducts exercise for response to spills from shipping and offshore installations
17:13 DNV GL releases its updated NOx TIER III compliance guide
17:01 Port of Rotterdam half-year cargo volumes rose 3,9%
16:54 RF Navy's large tonnage warships are training in Kronstadt before the Main Navy Parade
16:35 LUKOIL Board of Directors approves members of Company Management Committee
16:14 Van Oord wins contract for mega waterfront project in Dubai
16:03 No visible drivers on the bunker market so far, expert says
15:53 MacGregor to supply on-vessel equipment to Excelerate Energy
15:31 HHI offers smart ship ICT technology for better navigation and management of ships
15:12 Boskalis contracted to build Stockholm Norvik Port quay wall in Sweden
15:08 Long Beach City Council confirms Colonna, Lowenthal appointments to Board of Harbor Commissioners
14:51 Swedegas and Fluxys LNG start cooperation for LNG project in the port of Gothenburg
14:32 BV granted approval in principle for Wison’s 50MW floating LNG power supply barge
14:06 Cargo shipments by North-Western Shipping Company up 5% to 2.76 mln t in HI’2017
13:40 Marine Recruiting Agency in HI'17 increased the number of graduates by 58%
13:17 Austal continues industry engagement with Queensland businesses for OPV project
12:55 FESCO delivered outsized Power Machine’s equipment to Vietnamese Power Plant under construction
12:33 Port of Gdansk throughput up 3.6% to 18.57 mln t in Jan-June'17
12:11 OSU researchers work to improve AUVs’ energy efficiency
11:58 HII's NNS gets $148.7 million as CVN 80 contract modification
11:50 Frigate ‘Admiral Makarov’, corvette ‘Stoyky’ and major missile boat ‘Dimitrovgrad entered the Neva River
11:29 Bunker prices are slightly down at the Far East ports of Russia (graph)
11:12 Bureau Veritas and Ascenz join forces in ship performance agreement
10:36 USPA submits to Ukraine’s Ministry of Infrastructure a revised draft of the Port Dues Methodology
10:14 Kongsberg Maritime secures first order for autonomous surface vehicle control system K-MATE
09:52 Supervisory board of Tallink Grupp start exploratory process relating to potential strategic options
09:33 Port of Tallinn announces the winner of the design contest for the Old City Harbour bridge