Hanjin Shipping bankruptcy: limited influence on Rickmers Group’s charter volume
The Hanjin Shipping bankruptcy only affects Rickmers Group’s contracted charter volume to a limited extent. The Group has three 4,250 TEU vessels chartered out to Hanjin Shipping, with charters expiring within the next five months, one of those already in September 2016. The charter volume resulting from those contracts amounts to 11.9 Mio. USD. It therefore makes up less than one per cent of the Group’s overall contracted charter volume, amounting to 1.1 billion USD for the first half of 2016. The “Less for longer”-agreement concerning three 13,600 TEU container vessels mentioned in the Half-Year-Report that was finally closed on September 8th increases the Group’s overall contracted charter volume by 243 Mio. USD still.
Recent Rickmers Maritime debt exchange concerns particularly the bond emitted in Singapore amounting to 100 Mio. SG
The plans of the subsidiary located in Singapore, Rickmers Maritime, for a debt exchange refer in particular to the notes issued by Rickmers Maritime, listed in Singapore (ISIN NO. SG6QC6000001) and not to the bond issued by Rickmers Holding AG, listed in Frankfurt (ISIN: DE000A1TNA39). While Rickmers Maritime is a fully consolidated subsidiary in the Rickmers Group’s consolidated financial statement, financially it is a self-contained, independently acting company due to it’s being listed at the Singapore stock exchange.