Rickmers Maritime completes vessel sale to partly settle loan

SHIP owner Rickmers Maritime Trust has completed the sale of a vessel in connection with the settlement of senior loan facilities that German lender Commerzbank's Singapore branch extended to a unit of the trust, its manager said in a Singapore Exchange filing on Friday.

It did not say how much it had sold the vessel, called India Rickmers, for and how much it had gotten for it. The vessel had been used to secure the loan facilities.

The trust had said on Dec 9 that the net proceeds from selling India Rickmers would go towards partial prepayment of the Commerzbank loan facility, and that it does not expect the sale to lead to material loss in the fourth quarter of 2016 as a review for vessel impairment was carried out and recognised in previous quarters.

Rickmers Maritime units were suspended after the market closed on Nov 15, and remained suspended on Friday.