Rickmers Maritime sells five vessels to Navios

Singapore-based containership lessor Rickmers Maritime has completed the initial sale of five vessels for $59 million, and plans to divest another nine ships to Navios as indicated in previous announcements.    Rickmers Maritime has secured the sale of an initial five vessels to Navios for a total of $59 million.
   The sale of the Singapore-based containership lessor’s remaining nine vessels has not yet been completed, according to Rickmers.
   The first five vessels have capacity for 4,250 TEUs and are slated to be deployed on charters for 2018-2019, Navios said back in April.
   Rickmers Trust Management, the trustee-manager of Rickmers Maritime, received $24.7 million from the sale, up from the $20 million previously announced earlier this month. The money has been placed in an escrow account for distribution to unsecured creditors, said Rickmers.
   BNP Syndicate provided the senior loan facilities, and as a result, the trustee-manager has been released from its $34.3 million obligation to the BNP Syndicate.
   In regards to the final nine vessels, the firm “is seeking the requisite consents and release of mortgages in order to effect the sale of the remaining vessels as soon as possible in order to avoid operating liens and/or vessel arrests and minimize cash burn so as to maximize recoveries to all unsecured creditors,” said Rickmers.
   The sale of the vessels is part of the restructuring plan unveiled by Rickmers Group in April after the Group affiliate, Rickmers Maritime, wound up defaulting on loans.