Rickmers Maritime Trust (RMT) has booked a $1.4m loss for the first quarter of 2016 due to the distressed state of the containership market.

The Singapore-listed containership leasing company’s latest loss compares with a profit of $7m in the corresponding period last year.

RMT attributed the poor performance to lower secured charter rates and lower levels of vessel utilisation amid the weak charter market.

Revenue