Rickmers to take US$31.6m charge after selling vessel to pay down loan

THE manager of Rickmers Maritime Trust has signed a memorandum of understanding to sell the vessel Kaethe C Rickmers and expects to take a US$31.6 million impairment loss in the fourth quarter of 2016 from the sale.

The vessel is security for senior loan facilities extended by HSH Nordbank and DBS Bank, and proceeds from the sale will be used to pay the operating costs of other secured vessels under the same facility and for partial prepayment of the loan.