SINGAPORE-LISTED Rickmers Maritime Trust, shipowners and charterers, has been unable to take delivery of the 13,300-TEU Hanjin Milano because it did not have the money.

The ship, the Hanjin Milano, was instead delivered to Polaris Shipmanagement Co, a subsidiary of the German Rickmers Group. The Hanjin Milano has started its charter term with Hanjin Shipping, but is being held by Polaris pending settlement of bank financing negotiations.

Rickmers Trust profits fell four per cent this year in the third quarter to US$9.23 million year on year despite a 43 per cent increase in charter revenue to $38.06 million. This was blamed on wrong-way interest rate swaps and also that the sharp revenue increase resulted from the delivery of four 4,250 TEU newbuildings..

A new problem is Maersk Line's decision to exercise its option and return to Rickmers the chartered 5,060-TEU Maersk Djibouti. There are doubts if can be re-chartered at anything other than vastly reduced rates.

Source: www.schednet.com