• 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 November 17

18:06 Swiber's subsidiary placed into bankruptcy by the District Court of Helsinki
17:55 Pacific Fleet warships arrive in Chuk Samet port, Thailand
17:36 Damen supports team AkzoNobel in the Volvo Ocean Race 2017-18
17:20 Sevmash floated out nuclear-powered missile submarine Knyaz Vladimir (photo)
17:06 CMA CGM announces FAK rates from Asia to North Europe
16:45 Yantar Shipyard launches first trawler of Project SK-3101R for Kamchatka fishing company (photo)
16:26 DNV GL: Standardisation can help enable the digital transformation of shipping
16:00 Maersk Line appoints new president in North America
15:58 Onezhsky shipyard lays down Yury Maslyukov dredger of Damen TSHD 2000 design (photo)
15:26 IMO runs cooperation for oil spill preparedness in west, central and southern Africa
15:00 Special tactical exercises held at CPC Marine Terminal Tank Farm facilities
14:37 Water Transport newspaper will celebrate its centenary in 2018
14:02 NCC conducts yet another groundbreaking ceremony at the Port of Gothenburg Logistics Park
13:45 MSCC Bronka set to increase its heavy cargo transshipment capacity
13:32 Diana Shipping announces time charter contract for m/v Naias with Phaethon
13:14 Vostochny Port extends its collective labor contract for three years
13:02 Acta Marine's walk-to-work construction support vessel in final construction phase
12:30 Scottish Ports Group call for right infrastructure and planning conditions
12:01 Aker Solutions to provide umbilicals for three offshore Norway field developments
11:53 MOL's newbuilding coal carrier NAGARA MARU to serve JERA Trading
11:17 301 ships loaded with export coal left Rosterminalugol this year (photo)
10:53 Icebreaker Moskva set sail for seaport Sabetta (photo)
10:30 Brent Crude futures price down 0.29% to $61.18, Light Sweet Crude – up 0.24% to $55.27
10:08 ABS raises cyber awareness to marine insurance industry
09:45 Bunker prices go down at the Port of Saint-Petersburg, Russia (graph)
09:21 Baltic Dry Index down to 1,361 points
09:08 ESPO welcomes the agreement between Parliament and Council setting a deadline for global solution on CO2 from shipping
08:29 Port of Long Beach receives U.S. EPA Grant to cut pollution
08:12 Damen’s repair yards update ISO and OHSAS certification

2017 November 16

18:35 APL receives the ‘Best Green Shipping Line’ award from HAROPA
18:05 Shearwater GeoServices awarded ONGC survey
17:35 ITF: ‘new era for fishers begins’
17:23 Expert says geopolitical risks may push bunker prices slightly up
17:05 JAXPORT expands vehicle-handling capacity
16:51 Severnaya Verf will build six processing trawlers for Norebo Holding (photo)
16:35 Hapag-Lloyd implements GRI for Trans-Pacific Trade Eastbound from East Asia to USA and Canada
16:05 OOCL introduces the China Pakistan Express Intra-Asia service
15:37 Oldendorff Carriers in alliance with Welhunt starts transhipment operation in Vietnam
15:30 APM Terminals Poti adds two Azimuth Stern-Drive tugboats
15:05 Teekay LNG Partners establishes Teekay Multigas Pool
14:58 Norwegian Cruise Line orders PrimeServ upgrades for multiple vessels
14:17 Baltic transport ministers meet in Vilnius to discuss the common objectives of the Baltic States
13:49 Murmansk Sea Fishing Port handled 290,100 t in 10M’17, up 13.7% to (photo)
13:25 Sergey Kireev appointed as interim General Director of PJSC NCSP
13:00 Last Early Bird rate for Maritime Reconnaissance and Surveillance Technology conference 2018 expires 30th November 2017
12:38 “K” Line Group introduces new Total Auto-Logistics Business in Chile
12:12 Wärtsilä receives an order from Lunar Fishing Company to supply new trawler
11:59 Damen SAR vessel passes capsize test with engines running
11:58 Bunker prices go up at the Far East ports of Russia (graph)
11:33 First Borey-A nuclear underwater missile carrier to be floated out in Severodvinsk, November 17
11:11 FESCO to deliver production equipment to Great Wall Motors plant being built in the Tula region
10:50 Vostochny Port has shipped 400 mln t of coal from the date of its foundation (photo)
10:04 Brent Crude futures price up 0.18% to $61.98, Light Sweet Crude – up 0.05% to $55.36
09:42 IMO is holding a seminar focused on free-flowing maritime traffic in Montenegro
09:19 Baltic Dry Index down to 1,374 points

2017 November 15

18:00 RF Transport Ministry supports “Hydraulic Engineering Structures of Water Transport” Congress
17:35 EU experts performed comprehensive assessesment of Klaipeda Seaport security
17:12 Navigation season closed at inland water ways of the Amur Basin (photo)
16:46 Port of Klaipeda development to be coordinated by Governmental Commission
16:20 Port of Tallinn shortlisted for Green Port / Terminal Award