MSC prepares contingency plan for Rickmers insolvency

Mediterranean Shipping Co. (MSC), the second largest container carrier worldwide, currently has three vessels under time charter from the now-insolvent Rickmers Group.    Geneva, Switzerland-based ocean carrier Mediterranean Shipping Co. (MSC) currently has three vessels under time charter from shipowner the Rickmers Group, which recently filed for insolvency after its restructuring plan was rejected by HSH Nordbank, and is “actively monitoring” the situation in case it needs to act quickly should a creditor take action against any of the vessels.
   “MSC is preparing contingency plans and will act as quickly as possible to minimize the delays to customer’s cargo,” the carrier said in a statement.
   The vessels include the 1,858-TEU John Rickmers, the 1,216-TEU Sandy Rickmers and the 4,444-TEU MSC Florida. The Sandy Rickmers and MSC Florida are scheduled to be redelivered to Rickmers in September, according to MSC.
   According to ocean carrier schedule and capacity database BlueWater Reporting, the Sandy Rickmers is currently deployed on MSC’s Baltic Loop 8 between Belgium and Sweden.
   MSC also noted it has slot charter agreements with other shipping lines that operate Rickmers-owned vessels, and said is ready to cooperate with those lines to minimize the delays to cargo if any action is taken against those vessels.
   According to Rickmers’ website, at the close of 2016, it had 114 vessels with a combined capacity of 424,791 TEUs “in asset management at maritime assets and/or operating management at maritime services.”