Rickmers Trust Management (RMT) has finalised the sale of a seven-year-old boxship to settle a bank debt.

The Singapore owner, which is trying to persuade bondholders to allow it to refinance, said the 4,250-teu India Rickmers (built 2009) will be offloaded to pay off a loan from Commerzbank.

The deal hit the headlines last month when shipping sources said it was being scrapped - a new record in terms of the young age of the vessel.

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