Rickmers Maritime denies vessel sale

THE trustee-manager of Rickmers Maritime, in a clarification issued on Singapore Exchange on Friday, denied that the sale of its vessel, India Rickmers, has taken place.

In response to media reports, the trustee-manager acknowledged the vessel's sale is on the table as one of the options for the settlement of its senior debt.

Negotiations are ongoing with one of the trust's senior lenders on the terms of the debt settlement agreement. No sale of the vessel has been concluded, it said.

Trade media citing a Vesselsvalue (VV) report have said the vessel has been scrapped before it reached its end of life. The VV report valued India Rickmers at US$5.87 million, just above scrap value.

In 2016, India Rickmers fell 62 per cent in value after the opening of the widened Panama Canal, the VV report said. Vessel owners are no longer restricted to sailing up to Panamax-sized vessels through the now expanded canal.