Maersk Line not affected by Rickmers insolvency

Danish container shipping major, Maersk Line said that it doesn’t expect any impact of Rickmers Holding’s filing for insolvency on its operations.

Rickmers had to file for insolvency after HSH Nordbank AG denied approval to the term sheet dated April 19, 2017 and rejected further negotiations of the restructuring.

Out of Maersk’s total operated fleet consisting of 639 vessels, six are charter vessels formerly owned by Rickmers. In addition, a further 12 vessels are chartered from Rickmers, with Rickmers operating the vessels without owning them. In total, these 18 vessels make up around 4% of Maersk Line’s total vessel capacity.

“It is Maersk Line’s expectation that operations of these 18 vessels should continue unaffected, under the supervisory entity acting on behalf of the creditors. If required, we expect the real owners to transfer the management of these vessels to other operators in the markets with no impact on the fulfillment of current contracts,” the company said.

“The same stability is expected for the operation of Rickmers vessels chartered by our partners in vessel sharing agreements.”

The company said it was continuously monitoring the situation and is in close dialogue with relevant players in the shipping industry.

“Should unexpected developments occur, we have established contingency plans to minimise the potential impact on our customers’ cargo,” Maersk Line added.

Maersk’s 2M partner Mediterranean Shipping Company (MSC) also informed earlier this month that it was taking steps to prepare for exposure which could emerge from the insolvency.

MSC, which has three vessels from Rickmers under time charter, said that it is “actively monitoring the situation” and preparing contingency plans so as to avoid potential delays of cargo.

Of the three ships under charter, the MV John Rickmers, MV Sandy Rickmers, and MV MSC Florida, MSC said the latter two vessels are scheduled for redelivery to Rickmers in September 2017.