By Gavin van Marle

(The Loadstar)– Troubled non-operating container shipowner Rickmers Maritime Trust today refuted it had actually junked a seven-year-old panamax containership.

Reports the other day asserted it had actually marketed the India Rickmers to shipbreakers, establishing a brand-new document for the youngest ever before box ship junked.

In a news to the Singapore Stock Exchange, RMT claimed that, about a prospective financial obligation negotiation arrangement, “the trust is considering, amongst other things, the sale of the vessel”.

But it included: “The negotiations in relation to the potential debt settlement agreement are ongoing and no sale of the vessel has been concluded.”

Yesterday vesselvalues.com asserted the 4,250 teu vessel, introduced in 2009 at China’s Jiangsu New Yangzijiang lawn, had a market price of $5.87 m as well as demolition worth of $5.62 m, after shedding some 62% of its worth this year alone, suggesting the parlous state of the panamax charter market for proprietors.

This has actually been intensified by the personal bankruptcy of Hanjin Shipping– the India Rickmers was formerly referred to as the Hanjin Newport, however has actually gone to support in the Persian Gulf for the previous 2 weeks.

The weak market has actually struck Rickmers Maritime Trust hard. Trading in its shares was put on hold by the Singapore Stock Exchange on 16 November after the business back-pedaled the rate of interest repayment on a S$ 100m bond problem.

The business, which has a fleet of 16 panamax box ships, published a loss of US$ 74. m in the 3rd quarter this year, compared to a $9m revenue in the exact same duration in 2015. Charter income dove 43%, year-on-year, to simply $15.6 m.

RMT published a nine-month loss of $131.7 m, after recovering cost in the exact same duration in 2015, as well as there is long shot it will certainly have the ability to go back to the black this year.

According to the Hamburg Ship Brokers & & Ship Agents Association, which creates the once a week ConTex charter price index, the marketplace remained to find today, with vessels because 4,250 teu dimension drawing in a day-to-day price of $4,237 over a 12-month charter.

Today in its once a week discourse, the organization claimed: “As typical nowadays most of components reported are expansions, [and] therefore we are still doing not have brand-new demands. Since the year-end is approaching it will certainly interest keep in mind if the begin of the brand-new partnerships with brand-new solutions as well as professions for 2017 will at some point have a favorable impact on the need side.

“Unfortunately the fact that so far this year more than 180 vessels with a total [capacity] of roughly 650,000 teu went for demolition has no impact on the charter market at all, since the oversupply of tonnage still persists.”

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