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Rickmers Maritime posts 3Q16 net loss of US$74.7 mil

PC Lee
PC Lee10/31/2016 07:42 PM GMT+08  • 2 min read
Rickmers Maritime posts 3Q16 net loss of US$74.7 mil
SINGAPORE (Oct 31): Rickmers Maritime posted a net loss of US$74.7 million ($104 million) for 3Q16 and US$131.7 million for 9M16, recognising a non-cash impairment of US$69.1 million in 3Q16 as the charter market continues to deteriorate.
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SINGAPORE (Oct 31): Rickmers Maritime posted a net loss of US$74.7 million ($104 million) for 3Q16 and US$131.7 million for 9M16, recognising a non-cash impairment of US$69.1 million in 3Q16 as the charter market continues to deteriorate.

Rickmers Maritime reported lower charter revenue of US$15.6 million for 3Q16 and US$54.9 million for 9M16, due to reduced charter rates and lower vessel utilisation rate amid adverse industry conditions.

Vessel operating expenses rose 4% to US$10 million in 3Q16 due mainly to higher bunker consumption during vessel off-hire and vessel repositioning between charters on the back of increased vessel idle time.

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