RMT hands another $4.7m to banks

Prepayment of loans aims to save money for trust as it winds up.

Singapore boxship owner Rickmers Maritime (RMT) has made another pre-payment on loans as it winds up its operations.

It voluntarily handed over $4.7m to BNP Paribas, ING Bank, The Bank of Nova Scotia Asia, HSBC and Sumitomo Mitsui Trust Bank.

The payment was made from cash in an account which is secured in favour of the BNP syndicate by way of a fixed charge.

"The rationale for such voluntary prepayments is to deleverage the trust and save interest costs by utilising cash not available to the trust for other purposes," the company said.

Last month, the company also paid back $2.6m to the same group of lenders.

Angeliki Frangou's Navios group is buying the entire RMT fleet after it was decided the trust would be wound up after failing to restructure its finances.

New York-listed Navios Maritime Partners said it is paying $113m for 14 containerships.

The deal involves 11 4,250-teu and three 3,450-teu boxships with an average age of 9.5 years.

The vessels are currently secured against certain senior loan facilities extended by banks, which will be paid off with the sales proceeds.