Rickmers Maritime becomes latest Singapore casualty of debt woes

SINGAPORE (April 12): Rickmers Maritime, the Singapore-listed trust that operates container ships, said it would be wound up as it has been unable to reach an agreement with its lenders to restructure debt or raise new equity.

Struggling in the wake of a global shipping downturn, Rickmers joins other Singapore-listed companies from the offshore and marine sectors that have been grappling with debt in the last year.

Singapore banks, which were caught off-guard by the collapse of oilfield services company Swiber Holdings last year, have taken a hit as the firms restructure their loans.

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