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Rickmers Maritime reports Q3 loss, hit by impairment charge
RICKMERS Maritime Trust (RTM) sank into the red with a net loss of US$74.68 million for the third quarter ended Sept 30, versus a net profit of US$8.99 million a year ago, weighed down by an impairment charge.
It recognised a non-cash impairment of US$69.1 million in 3Q2016, which was applied to fifteen vessels in the fleet, as the vessels' carrying value exceeded the recoverable amounts.
This came as revenue fell 43 per cent year on year to US$15.64 million due to reduced charter rates and lower vessel utilisation rate amid adverse industry conditions, it said.
Loss per share for the quarter was 8.49 US cents, compared to earnings per share of 1.04 US cents a year earlier.