HAMBURG shipowner Rickmers Group has posted a first half
593 per cent net profit decline to EUR1.6 million (US$2.2 million) year on
year, drawn on revenues of EUR288.2 million, down four per cent,
Rickmers seems to have weathered the shipping downturn
far better than most, and is innovative in seeking new financing through the
bond market, commented Lloyd's List.
Rickmers Group parent company Rickmers Holding has
decided to increase the EUR175 million corporate bond issued in June by a
further EUR75 million via a private placement with the issue price fixed at 100
per cent.
Rickmers Group is to use the proceeds from the second
tranche to finance growth investments as service debt.
It has eight fuel-efficient 5,000 - 7,000-TEU ships on
order with options for eight more, with private equity house Oaktree of the US
putting up the cash and Rickmers providing shipmanagement expertise.
Rickmers will provide a range of services for the jointly
acquired fleet of ships, including technical and commercial shipmanagement.
Rickmers has more than 20 offices in 11 countries and
over 50 sales agencies worldwide. As well as ship management, its activities
include breakbulk, heavylift and project cargo liner services and individual
sailings.
Source : HKSG.
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