Rickmers Maritime's Q4 loss lower; auditor makes disclaimer

Singapore

CONTAINER shipping-focused Rickmers Maritime posted a fourth-quarter net loss of US$48.44 million mainly on a non-cash impairment for a vessel that was sold to raise cash to pare debt and fund operations, after noteholders voted against a debt restructuring plan tabled by the shipping trust.

The Q4 deficit was substantially lower than the net loss of US$129.58 million a year ago. But the results released on Thursday was accompanied by a disclaimer of opinion by the trust's independent auditor PricewaterhouseCoopers LLP.

The shipping trust recognised impairments of US$48.1 million in Q4 (Q4FY15: impairment of US$126.26 million), including US$31.6 million for Kaethe C Rickmers, which was sold in February 20…