Rickmers Maritime posts net loss in Q4

SINGAPORE - Shipping trust Rickmers Maritime has posted a fourth quarter net loss of US$48.44 million (S$68.8 million), narrowing from a net loss of US$129.58 million in the same period a year ago.

The loss comes amid challenging industry conditions that continue to weigh on charter rates and overall vessel utilisation rates.

For the 12 months ended Dec 31 last year, Rickmers Maritime reported a net loss of US$180.1 million, widening from a net loss of US$129.2 million a year ago.

The independent auditor of the Trust, PricewaterhouseCoopers, has included a disclaimer of opinion in the independent auditor's report on the consolidated financial statements of Rickmers Maritime and its subsidiaries for the financial year ended Dec 31.

The disclaimer arises owing to "material uncertainties that may cast significant doubt about the ability of the group and the trust to continue as going concerns", PwC said.

Rickmers has defaulted on secured and unsecured bank loans, and outstanding medium-term notes.