Rickmers Trust Management Pte. Ltd., in its capacity as trustee - manager of Rickmers Maritime has entered into a memorandum of agreement for the sale of the “Kaethe C. Rickmers ” vessel securing senior loan facilities extended by HSH Nordbank AG, Singapore Branch and DBS Bank Ltd to the Trust.
The net proceeds from the sale will be applied towards the payment of operating costs of the secured vessels under the HSH Facility and p artial prepayment of the HSH Facility. The trustee - manager has also entered into a deed of consent with the HSH Syndicate to obtain the ir consent for the sale.
Rickmers Maritime will recognise an impairment loss of approximately US$31.6 m illion for the sale in the fourth quarter of 2016.